Hussain sets himself a daily target of at least 36 deliveries, to earn up to ₹1,500. His only complaint is that the DeX’s speed is capped at 25kmph. “That rider there did 52 deliveries in a day on his petrol bike,” he says, gesturing toward a colleague. “I can’t go that fast.” But, he adds, Yulu’s rental plans make it an attractive proposition, especially for someone looking for a start in the gig economy without purchasing a vehicle. Yulu operates in India’s fast-growing but infrastructure-constrained rental e-bike and last-mile mobility space and has emerged as an unlikely but pivotal player in the booming quick commerce economy. It makes electric two-wheelers specifically engineered for last-mile deliveries and rents them to riders. With 45,000 bikes and 65 touchpoints, it has become one of India’s largest shared electric mobility operators today. Founded in 2017 as a shared electric mobility startup, Yulu’s original mission was to decongest Indian cities. But a post-pandemic shift in user behaviour has transformed its business. Currently gig workers account for over 90% of its revenue. These riders, an ubiquitous sight in India’s metro cities, clustering around apartment gates and dark stores in their yellow, orange, red and purple uniforms (representing Blinkit, Swiggy, Zomato and Zepto, respectively), are a testament to the company’s role in the delivery ecosystem.View Full Image Niaj Hussain outside a Blinkit dark store in Bengaluru. “We started by solving last-mile commutes for citizens,” says founder Amit Gupta. “But after covid, we saw more and more gig workers using our bikes for deliveries. That’s now our biggest growth driver.” While quick commerce giants Zepto, Blinkit and Swiggy Instamart battle intense competition, wafer-thin margins and rising losses, Yulu’s strategy of catering to their delivery armies is proving scalable. The company tripled its revenue to ₹111.5 crore in 2023-24, from ₹37.9 crore in 2022-23, according to Registrar of Companies filings accessed by Mint. However, its net loss widened to ₹135 crore in 2023-24 from ₹95.09 crore the previous year. Gupta told Mint that the company turned Ebitda (earnings before interest, taxes, depreciation and amortization) positive for select months in 2024-25 and expects it to be so for the whole of this fiscal year, reflecting the financial viability of this pivot.Embracing gig workersYulu’s journey began in 2017 with dockless bicycles and low-speed electric bikes such as the Yulu Miracle, which were aimed at short commutes in metro cities such as Bengaluru, Mumbai and Delhi. The founding team includes chief executive officer (CEO) Amit Gupta, an IIT Kanpur alumnus and co-founder of InMobi; R.K. 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Consistent progress: The unexpected triumph of Yulu in quick commerce.
