3one4 Capital Exits Yulu as EV Startup Closes $93M Series C

3one4 Capital has fully exited Yulu, the electric two-wheeler mobility startup, as the company closed a $93 million Series C funding round, Fortune India reports.

The exit marks the end of a chapter for one of Yulu's early institutional supporters. 3one4 Capital, the venture firm co-founded by Pranav Pai and Siddarth Pai, has counted mobility among its core investment themes. Its decision to sell its stake in Yulu coincides with the company's largest financing round to date.

The $93 million Series C round ranks among the more significant raises in India's electric mobility sector. For Yulu, the capital arrives as the company scales its shared electric two-wheeler network, which operates on a rental model across dense urban markets.

Fortune India, which first reported the development, did not disclose the identity of the buyers of 3one4 Capital's stake, the valuation at which the exit occurred, or the full list of investors participating in the Series C.

The report also leaves open the ownership structure that emerges from the round. What is clear is the size of the transaction: $93 million in new primary capital, and a complete secondary exit for 3one4 Capital.

Yulu has positioned itself in the short-distance urban commute segment, where electric two-wheelers compete with ride-hailing, public transport and personal vehicles. The company's battery-swapping infrastructure has been central to that model, allowing riders to exchange depleted batteries at networked stations rather than wait for a charge.

For 3one4 Capital, the exit provides a realized return at a moment when Indian venture investors face pressure to demonstrate distributions rather than paper gains. Exit activity across the Indian startup ecosystem has picked up as funds seek liquidity from portfolios built during the 2020-2021 funding boom.

The timing also matters for Yulu's competitive position. India's electric two-wheeler market has grown crowded, with listed players and well-funded private rivals competing on price, range and charging networks. A $93 million war chest gives the company runway to defend and expand its urban footprint.

Neither Yulu nor 3one4 Capital has publicly commented beyond the Fortune India report on the terms of the exit or the deployment plans for the new capital.

The Series C close, combined with a full exit by an early backer, signals that Yulu's investor base is entering a new phase — one in which later-stage capital now sets the pace for the company's next expansion decisions.