3one4 Capital Exits Yulu Alongside USD 93 Mn

3one4 Capital has exited its investment in Yulu through a secondary sale executed alongside the shared electric mobility company’s USD 93 million Series C round, comprising USD 63 million in equity led by GEF Capital Partners and USD 30 million in debt financing. 3one4 Capital had backed Yulu’s seed round in 2018.

Founded in 2018 by Amit Gupta, RK Misra, Naveen Dachuri and Anuj Tewari, Yulu operates in shared electric mobility across 12 Indian cities, with over 2.4 billion cumulative kilometres driven and more than 50,000 active vehicles logging over 1.6 million zero-emission miles weekly.

The company facilitates over 750,000 daily doorstep deliveries, accounting for more than 15% of quick-commerce deliveries across India’s top four metro hubs, and serves over 500,000 gig workers, who see 30-40% in operating savings compared to petrol two-wheelers. The company estimates it has helped avoid 54 million kilograms of urban CO2 emissions to date.

Yulu recorded 7x revenue growth between FY23 and FY26 and has been EBITDA positive since April 2025. During the pandemic, as office commutes paused, the company shifted its fleet toward gig workers and last-mile delivery riders, redesigning vehicles for heavier payloads and multi-shift use.

The company’s operations are built on three layers: custom EV bikes engineered with Bajaj Auto; Yuma Energy, a battery-swapping network built with Magna International that processes over 1 million monthly swaps; and Yuzen, an internal software platform that uses real-time telemetry to rebalance fleets and maintain over 90% vehicle utilisation.

With the new capital, Yulu plans to scale its fleet to 200,000 vehicles, launch a new service called Yulu Express, and work toward a public listing.

“When we backed Yulu’s seed round in 2018, venture capital in India was almost uniformly focused on asset-light software. Yulu proposed something completely counter-consensus: building physical vehicles, owning the energy layer, and managing fleet operations,” said 3one4 Capital.