Electric vehicle manufacturer 3ev Industries has closed its Series A funding round, raising ₹120 crore with Mahanagar Gas Limited (MGL) as the lead investor. The investment represents MGL's first entry into the electric mobility sector.
MGL contributed ₹96 crore to the round, while Thackersey Group's Bhishma Realty Limited invested ₹10.46 crore and Equentis Angel Fund put in ₹8.15 crore. The remaining ₹4.82 crore came from high-net-worth individuals and family offices.
The capital will be deployed toward expanding manufacturing operations and establishing 3ev's 3C division, which covers charging infrastructure, vehicle care, and conversions. The company also plans to invest in supply chain integration and research into regenerative braking systems, advanced materials, and solar-powered cold chain vehicle technologies.
3ev operates in India's L5 three-wheeler segment, which is forecast to grow at 19.5% annually, reaching $18.7 billion by 2035 with electric vehicles accounting for over 60% of total three-wheeler sales.
The company has shown significant growth momentum, with vehicle sales expected to nearly double from 438 units in FY24 to 834 units in FY25. Revenue is projected to increase from ₹17.8 crore in FY24 to ₹54.7 crore in FY25. For FY26, 3ev is targeting ₹65 crore in revenue with positive EBITDA margins.
Peter Voelkner, Managing Director of 3ev Industries, noted that the funding would strengthen the company's build quality and aftermarket capabilities while supporting tailored financing solutions for customers.
Manas Das, Vice President at MGL, stated that the investment aligns with the company's commitment to India's clean energy transition, citing 3ev's vehicle design and Battery-as-a-Service model as key factors in the decision.
3ev Industries manufactures electric vehicles for last-mile and urban transport applications. The company offers a Battery-as-a-Service platform alongside integrated manufacturing, financing, and aftermarket support services.