Electric mobility platform Yulu closed FY25 with a strong financial performance marked by a near-doubling of revenue, substantial improvement in operating efficiency, and a strategic pivot toward high-utilisation gig-economy mobility. While losses remain significant, the company’s improved margin profile and scale-up in core rental operations signal a maturing business model in India’s fast-growing electric last-mile mobility space.
Revenue Doubles, Rentals Continue to Dominate
Yulu reported operating revenue of INR 237.4 crore in FY25, up 98% from INR 120 crore in FY24, according to RoC filings. Including interest and dividend income of INR 4.53 crore, total revenue stood at INR 241.9 crore, a figure consistently reported across media outlets.
The growth was overwhelmingly driven by the company’s electric vehicle rental operations, particularly its Yulu DeX fleet used extensively by gig workers in quick commerce and hyperlocal delivery.
Yulu FY25 Results: Revenue Composition
- Rental income: INR 201 crore (~85% of operating revenue)
- Bike and accessory sales: INR 22.67 crore
- Manpower services (rider/field staff supply): INR 13.24 crore
- Other operating income: Franchise fees & delivery-linked services
- Interest/dividend income: INR 4.53 crore
Notably, the report indicates that 90% of Yulu’s revenue now comes from the rental segment, consistent with management commentary that the DeX offering—low-speed EVs requiring no license—is the company’s principal growth engine.
Losses Decline Despite Rising Costs
Yulu reduced its net loss by 12% to INR 126 crore, compared to INR 142.8 crore in FY24. This improvement came even as the company’s total expenses grew 36% to INR 350.6 crore.
Cost Structure in FY25:
- Cost of materials: INR 151.6 crore (43% of total costs; up sharply from INR 99.2 crore in FY24)
- Employee benefits: INR 88.43 crore (flat year-on-year; includes INR 9.35 crore ESOP charge)
- Depreciation & amortisation: INR 66 crore (up >70%)
- Other overheads: Advertising, rent, legal, and professional fees contributed to the remaining increase
The surge in material costs reflects accelerated bike production and fleet expansion to meet growing demand from quick commerce platforms.
Margin Profile Shows Sharp Improvement
One of Yulu’s most notable gains lies in operational efficiency:
- EBITDA margin improved to (15.29)%, a dramatic recovery from (80.11)% in FY24.
- EBITDA loss: Narrowed to INR 36 crore.
- Unit economics: The company spent INR 1.48 to earn each rupee of operating revenue, a significant improvement from the previous year’s heavy cash burn.
Such gains signal improving fleet utilisation, better cost allocation, and efficiencies arising from scale.
Strategic Shift: From Personal Commute to Gig Mobility
FY25 marked a quiet but decisive pivot in Yulu’s operating strategy.
Historically known for its bright blue personal-commute e-bikes, the company is now prioritizing:
- Yulu DeX, purpose-built for gig workers
- Last-mile delivery partnerships with quick commerce companies
- Expansion of its battery-swapping network in Bengaluru, Mumbai, and Delhi-NCR
The shift follows strong tailwinds in the quick commerce sector (q-commerce), where riders require affordable, high-uptime electric mobility solutions. According to the CEO, 85–90% of revenue now originates from DeX deployments.
This strategic realignment positions Yulu squarely within India’s rapidly formalizing gig-mobility infrastructure, a segment that has seen robust investor interest and policy support.
Outlook
Yulu’s FY25 performance reflects a company that is scaling quickly, improving margins, and aligning with a rapidly expanding market opportunity. However, the tightening cash position and persistent losses indicate the business is still several cycles away from profitability.
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