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Electric mobility company Yulu has reached profitability in earnings before interest, taxes, depreciation, and amortisation (EBITDA) and has crossed an annual recurring revenue of $30 million.

EBITDA is a metric that helps to understand and compare the company’s operations to its competitors.

The company said its revenue and users have increased more than sevenfold over the last 24 months.

Yulu, which operates over 40,000 electric vehicles (EVs), aims to double its on-ground presence to 100,000 EVs by 2025.

“Yulu is delighted to achieve the EBITDA-positive milestone. As the country’s largest shared electric mobility player, Yulu is a critical enabler for the instant delivery revolution. The simplicity and ease of our platform allow gig workers without vehicles to join the delivery workforce, while also addressing the crucial supply gap in the quick commerce value chain,” said Amit Gupta, Co-founder and CEO of Yulu.

The Bengaluru-based company will raise $100 million in Series C debt and equity funding over the next 12 months to fund its expansion plans.

Yulu last raised $19.25 million in an equity round earlier this year from returning investors, Canadian auto-parts manufacturer Magna and Bajaj Auto Limited, as the continuation of its Series B round.

Delivery platforms, including Zomato and Zepto, often use Yulu’s electric two-wheelers to deliver products to customers in an attempt to reduce the use of Internal Combustion Engine vehicles for logistics. The company also added that it looks to benefit from the “surging popularity of quick commerce.”

According to the company, it has nearly 100% coverage of dark stores in areas it services.

Yulu is also planning to launch its mid-speed electric two-wheeler, which will be unveiled before the end of the year. This category of vehicle can be used as bike taxis, for ecommerce deliveries, and for long-distance food orders, among other uses.