Yulu Records INR 94.9 Cr Loss in FY23 Amidst Expansion Drive

Emobility startup Yulu has reported a consolidated net loss of INR 94.9 Cr in the financial year 2022-23 (FY23), reflecting a substantial 71% year-on-year increase. The widened loss comes in the wake of Yulu’s expansion efforts, including the scaling of battery swapping infrastructure and an uptick in workforce.

Operating Revenue Surge and Revenue Breakdown

Despite the increased loss, Yulu witnessed a nearly 44% YoY surge in operating revenue, reaching INR 41.7 Cr in FY23. The startup primarily generates revenue through electric vehicles (EVs) provided on rent to daily commuters and last-mile delivery executives, contributing almost 31% YoY growth, totaling INR 38 Cr.

Yulu’s income from the supply of manpower services also saw a substantial rise, reaching INR 3.8 Cr in FY23 from a mere INR 9K in the previous year. Including interest income and other non-operating income, Yulu’s total revenue amounted to INR 46.6 Cr during the fiscal year, compared to INR 30.5 Cr in FY22.

Zooming Into Expenses

Yulu’s total expenditure surged to INR 140.1 Cr in FY23, marking a notable 60.5% increase from the INR 87.3 Cr spent in the previous fiscal year.

1. Cost of Operations: The cost of running operations more than doubled, reaching INR 31.9 Cr in FY23 from INR 12.7 Cr in FY22. Notably, battery charging costs saw a substantial 730% YoY increase to INR 13.3 Cr, aligned with the expansion of Yulu’s battery swapping infrastructure.
2. Employee Cost: Employee benefit expenses constituted over 48% of Yulu’s total expenses, rising by 65.6% to INR 67.5 Cr in FY23. This included increased spending on salaries and wages, totaling INR 55.3 Cr, compared to INR 36.4 Cr in FY22. Additionally, Yulu allocated INR 4.6 Cr towards Employee Stock Ownership Plans (ESOPs), up from INR 2.5 Cr in the previous year.
3. Depreciation & Amortisation Expense: Yulu reported a 14.5% YoY dip in its depreciation and amortisation expense, amounting to INR 15.3 Cr in FY23.
4. Office Rent: Expenditure on office rent witnessed a growth of over 48% YoY, reaching INR 4.9 Cr.

The increased expenses align with Yulu’s strategy of expanding its fleet and launching new vehicle models, such as Miracle GR and DeX GR. The startup also aims to enhance its operations, particularly in the hyperlocal delivery category and the retail segment with the recent launch of the low-speed escooter Yulu Wynn.