EV Startup 3ev Raises INR 120 Cr, Plans To Step Up Manufacturing Capabilities

SUMMARY

The Series A funding round was led by Mahanagar Gas Limited, while it saw participation from Equentis Angel Fund and Thackersey Group

While MGL infused INR 96 Cr in the EV manufacturer, Thackersey Group invested INR 10.46 Cr

The company claimed to have more than doubled its revenue to INR 54.7 Cr in FY25 from INR 17.8 Cr a year back with sales shooting up nearly 100% to 834 EVs

Electric vehicle original equipment manufacturer 3EV Industries has raised INR 120 Cr (around $14.4 Mn) in a Series A round led by Mahanagar Gas Limited (MGL), while it saw participation from Equentis Angel Fund and Thackersey Group.

MGL infused INR 96 Cr in the funding round, followed by INR 10.46 Cr from Thackersey Group and INR 8.15 Cr from Equentis. The rest of the amount came from an undisclosed group comprising HNIs, UHNIs, and family offices, the company said.

The Bengaluru-based OEM plans to deploy the funds in expanding its manufacturing capabilities and speeding up the launch of its 3C division – charging, care and conversion.

“With this funding, we will strengthen our build quality, after-market capability and tailor financing solutions that make EV adoption seamless for our customers,” 3ev managing director Peter Voelkner said.

Founded in 2019, 3ev is an electric three-wheeler and micro-mobility company that designs, manufactures, and operates EVs for last-mile hyper‑local logistics in Indian cities. The company’s product portfolio includes seven vehicles, including cargo vehicles, goods auto, passenger auto and urban area-focussed electric rickshaws.

The company claimed to have more than doubled its revenue to INR 54.7 Cr in FY25 from INR 17.8 Cr a year back from the sale of 834 vehicles, which was nearly double of 438 EVs it sold in FY24. For this fiscal, 3ev aims at a topline of INR 65 Cr with a positive EBITDA margin.

India, now home to more than 119 EV startups, stays the course to surpass $132 Bn in revenue by 2030, according to an Inc42 report.

Investors are banking on startups like 3ev to hitch a ride on this opportunity. EV manufacturer EKA Mobility, for example, recently raised a strategic investment of INR 500 Cr to bolster its manufacturing capacity, advance its R&D, improve its supply chain infrastructure, while enhancing marketing efforts in both domestic and international markets. Simple Energy, too, raised $10 Mn from its existing investors to open more stores in existing and new markets.