3ev Industries raises Rs 120 Cr in Series A led by Mahanagar Gas

Electric vehicle (EV) OEM company 3ev Industries has raised Rs 120 crore in Series A funding round led by Mahanagar Gas. The  round also witnessed participation from Equentis Angel Fund, Bestvantage Investments, and Thackersey Group. 

The company had previously raised $2 Mn in its seed funding round from several family offices.

MGL committed Rs 96 crore as the lead investor, while other  participants included the Thackersey Group with Rs 10.46 crore and Equentis with Rs 8.15 crore. Additional contributions came from a group of HNIs, UHNIs, and family offices amounting to Rs 4.82 crore.

The proceeds will be utilized to expand its manufacturing capabilities, powering the launch of its pioneering 3C division (charging, care & conversions), and accelerate advancements in supply chain integration and research across regenerative braking systems, advanced materials, and solar-enabled cold chain EV technologies, 3ev Industries said in a press release.

Co-founded in 2019 by Peter Hartmut and CG Krishna Bhupathi, 3ev Industries is a Bengaluru-based electric vehicle OEM focused on delivering affordable, reliable, and scalable mobility solutions for India’s growing last-mile and urban transport needs. Alongside its Battery-as-a-Service (BaaS) platform, it integrates manufacturing, financing, and aftermarket support to make EV adoption seamless for customers.

As per a market research, the urban mobility segment is projected to grow at a 19.5% CAGR, reaching $18.7 billion by 2035 and achieving over 60% penetration in total three-wheeler sales.

"This investment initiated in FY25 marked a defining milestone for 3ev Industries. With this funding, we have strengthened our build quality, after-market capability and tailored financing solutions that make EV adoption seamless for our customers. Our mission has always been to transform last-mile connectivity with sustainable mobility through an Ecosystem approach, and this partnership gave us the resources and strategic support to target that,” said Peter Voelkner, MD, 3ev.

3ev has demonstrated traction through the receipt of this funding, nearly doubling vehicle sales from 438 in FY24 to a projected 834 in FY25, with revenues rising from Rs 17.8 crore in FY24 to Rs 54.7 crore in FY25. By FY26, the company targets a revenue of Rs 65 crore with a positive EBITDA margin.