Pioneering Urban Clean Mobility: 3one4 Capital Secures Profitable Exit from Yulu.

3one4 Capital has achieved a successful, profitable secondary exit from Yulu, executed alongside the company's landmark $93 million Series C round comprising $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 evolved from a pre-consensus seed investment into an essential infrastructure layer powering green logistics and last mile mobility across metropolitan India. This exit validates our seed-stage underwriting conviction in physical infrastructure and clean urban logistics.
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Uncontested Category Leadership in Shared Electric Mobility

Today, Yulu stands as India's uncontested category leader in shared electric mobility, achieving extraordinary scale metrics across metropolitan centers:

• 2.4 billion+ cumulative kilometres driven across 12 operating cities
• 50,000+ Active Vehicles, Logging over 83 million kilometers monthly
• 750,000+ daily doorstep deliveries, powering over 15% of all quick-commerce deliveries across India's top four metro hubs
• Over 500,000 gig workers served, delivering 30% to 40% operating savings against petrol two-wheelers
• 54 million kilograms of urban CO2 emissions avoided
• 7x revenue growth achieved between FY23 and FY26, remaining EBITDA positive since April 2025
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Backing a Counter-Consensus Category Creation Thesis

When we backed Yulu's seed round in 2018, venture capital in India was almost uniformly focused on asset-light software applications. Yulu proposed a counter-consensus strategy focused on building physical vehicles, owning the energy layer, and managing fleet operations directly. Our seed-stage conviction was rooted in a structural insight that roughly two-thirds of all urban trips in India span under five kilometres, while close to 85% of citizens own neither a personal vehicle nor a driving licence. The primary constraint on urban mobility was physical vehicle access rather than underlying consumer demand.

When market dynamics shifted during the pandemic, Yulu demonstrated extraordinary operational learning. As office commutes paused, the leadership team pivoted decisively to serve gig workers and last-mile delivery riders, redesigning their fleet for heavy commercial payloads and continuous multi-shift usage. Replacing high upfront vehicle purchase barriers with accessible daily subscriptions transformed Yulu from a personal commuting service into essential physical infrastructure for India's quick-commerce economy.
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Connecting the Three Integrated Layers of Full-Stack Mobility

Yulu's long-term defensibility rests on connecting three integrated layers of technology and physical operations:

1. Purpose-Built Hardware: Custom electric two-wheelers engineered in partnership with Bajaj Auto deliver high durability and low maintenance under demanding Indian road conditions.
2. The Energy Layer: Yuma Energy, established jointly with Magna International, operates one of India's largest battery-swapping networks, processing over 1 million swaps monthly across 190+ stations.
3. Proprietary Software Architecture: The Yuzen internal operations engine operates across eight regional languages to support accessibility and driver adoption, while utilizing real-time telemetry and artificial intelligence algorithms to rebalance fleets dynamically, maintaining vehicle utilization rates above 90%.

Integrating custom hardware manufacturing, automated battery swapping, and algorithmic fleet dispatching converted isolated mobility services into an essential commercial utility. Fulfilling 750,000 daily doorstep deliveries provides essential delivery capacity for urban commerce, insulating Yulu's revenue model from single-client dependencies. Reaching EBITDA positivity in April 2025 proves that full-stack physical platforms in emerging markets can deliver strong cash flows and sustainable unit economics.
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Pioneering a New Benchmark for Emerging Market Operational Scale

Celebrating this complete secondary exit today recognizes the remarkable grit, discipline, and vision of Amit Gupta, RK Misra, Naveen Dachuri, Anuj Tewari, and the entire Yulu team. Realizing full secondary liquidity alongside a major institutional growth round validates our commitment to returning capital to our investors without relying on complex restructuring vehicles.

As the team deploys its Series C capital to scale its active fleet to 200,000 vehicles, launch Yulu Express for high-capacity logistics, and transition toward public markets, 3one4 Capital offers its warmest congratulations and continued support for their journey ahead.

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DISCLAIMER

<sub>Details of all the funds managed by 3one4 capital can be found here: https://www.3one4capital.com/aif-registration-details

For informational purposes only. This content does not constitute an offer to sell or a solicitation of an offer to buy units of any fund. Investments in AIFs involve market risks.</sub>

_{The views expressed herein are those of the author as of the publication date and are subject to change without notice. Neither the author nor any of the entities under the 3one4 Capital Group have any obligation to update the content. This publications are for informational and educational purposes only and should not be construed as providing any advisory service (including financial, regulatory, or legal). It does not constitute an offer to sell or a solicitation to buy any securities or related financial instruments in any jurisdiction. Readers should perform their own due diligence and consult with relevant advisors before taking any decisions. Any reliance on the information herein is at the reader's own risk, and 3one4 Capital Group assumes no liability for any such reliance.Certain information is based on third-party sources believed to be reliable, but neither the author nor 3one4 Capital Group guarantees its accuracy, recency or completeness. There has been no independent verification of such information or the assumptions on which such information is based, unless expressly mentioned otherwise. References to specific companies, securities, or investment strategies are not endorsements. Unauthorized reproduction, distribution, or use of this document, in whole or in part, is prohibited without prior written consent from the author and/or the 3one4 Capital Group.}