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Yulu Bikes’ loss for FY23 widened to Rs 95 crore from a year ago on account of higher operational expenses.

The startup recorded a standalone loss of Rs 55.5 crore in the year ended March 31, 2022.

The startup’s revenue rose 40% to Rs 42.8 crore in FY23, helped by an increase in rentals of its electric bikes. It also saw growth in interest income from fixed deposits and mutual fund investments, as well as the sale of scrap.

Yulu‘s most significant cost centre was battery charging, wherein expenses rose 3.8X. Total expenses jumped to Rs 134.4 crore in FY23, from Rs 87.3 crore.

The company anticipates achieving profitability in the current financial year (FY2024), aiming for operational profitability by September, but there are no public statements to confirm whether this goal was met.

Yulu has been expanding across India rapidly, especially via partnerships with companies for hyperlocal deliveries.

It recently teamed up with Zepto to deploy 20,000 next-gen EVs for sustainable, eco-friendly deliveries in key cities such as Bengaluru, Mumbai, Delhi, and Gurugram.

Beyond the top 20 metro cities, the company plans to partner with local entrepreneurs to target Tier II and III cities, the startup’s CEO and Founder, Amit Gupta, told YourStory in a conversation at TechSparks 2023.

Last year, the company raised $82 million in a Series B round led by mobility-tech company Magna International. Yulu also partnered with Magna to create a nationwide battery charging and swapping infrastructure to power not only Yulu Bikes but vehicles by other manufacturers as well.

The Bengaluru-headquartered company is looking to launch its initial public offering in FY26, as per news reports.