3one4 Capital exits Yulu as EV mobility startup closes $93 million Series C

3one4 Capital has completed a profitable secondary exit from electric mobility company Yulu alongside the Bengaluru-based startup’s $93 million Series C funding round, marking a major liquidity event for the early-stage investor.

The Series C round comprises $63 million in equity led by GEF Capital Partners and $30 million in debt financing. Founded in 2018 by Amit Gupta, RK Misra, Naveen Dachuri and Anuj Tewari, Yulu has grown from a shared electric mobility platform into a large-scale provider of vehicles and logistics infrastructure for India’s last-mile delivery ecosystem.

Yulu clocks 2.4 billion km across 12 cities

Yulu said its vehicles have collectively covered more than 2.4 billion kilometres across 12 cities, with its active fleet exceeding 50,000 vehicles. The fleet currently clocks more than 83 million kilometres every month.

The company facilitates over 750,000 doorstep deliveries every day, accounting for more than 15% of quick-commerce deliveries across India’s top four metropolitan hubs, according to the company. It has also served more than 500,000 gig workers, who can achieve operating savings of 30-40% compared with petrol-powered two-wheelers.

The company estimates that its electric mobility operations have helped avoid 54 million kg of urban CO2 emissions.

Revenue grows seven-fold, EBITDA turns positive

Yulu reported seven-fold revenue growth between FY23 and FY26 and has remained EBITDA positive since April 2025, highlighting the shift from a consumer-focused shared mobility model towards commercial and logistics applications.

3one4 Capital said its original investment thesis centred on building physical mobility infrastructure rather than an asset-light software business. The investor said Yulu’s pivot during the pandemic towards gig workers and delivery riders helped expand the addressable market for its vehicles.

The company’s integrated model combines purpose-built electric two-wheelers developed with Bajaj Auto, battery-swapping infrastructure operated through Yuma Energy and proprietary fleet-management software. Yuma Energy, established with Magna International, currently operates more than 190 battery-swapping stations and processes over 1 million battery swaps every month.

Yulu’s Yuzen software platform uses real-time vehicle telemetry and AI-based fleet management, helping the company maintain vehicle utilisation above 90%, according to 3one4 Capital.

Series C to fund fleet expansion

Following the latest funding, Yulu plans to scale its active fleet to 200,000 vehicles, launch Yulu Express for higher-capacity logistics and prepare for a potential transition towards public markets.

3one4 Capital said the secondary transaction allows it to return capital to investors while Yulu secures fresh institutional funding for its next phase of expansion.