You can either use single extruder machine with pause at height option and changing the different color filaments or dual extruders with two different colors.
I have used FabX 4 - Single extruder machine (https://www.3ding.in/3dprinters/fabx-4)
Pause at Heights at 3mm and 4.7mm
Slicing software used : Cura 2.7.0
Settings for Single Extruder :
I have achieved three color printing by "pause at height" script in Cura software
File: Royal_Enfield_Logo - Base
First Layer - Black PLA
Pause at Height 3mm and change filament to Yellow PLA
Pause at Height of 4.7mm and change filament to Red PLA
File: Royal_Enfield_Logo - Top Layer
Print this file in Yellow PLA with 100% infill and glue this part over the base in the respective gaps.
Setting for Dual Extruder :
Import both files in Cura and merge them for dual print.