3ev secures ₹120 crore in Series A funding led by Mahanagar Gas Limited

3ev Industries, a Bengaluru-based electric vehicle (EV) manufacturer, announced the closure of its Series A funding round, raising ₹120 Crore. The investment was led by Mahanagar Gas Limited (MGL), marking its first strategic entry into the electric mobility sector. Participation also came from Equentis Angel Fund and the Thackersey Group.

MGL invested ₹96 Crore as the lead participant, followed by the Thackersey Group (Bhishma Realty Limited) with ₹10.46 Crore and Equentis with ₹8.15 Crore. Additional contributions amounting to ₹4.82 Crore came from high-net-worth individuals (HNIs), ultra-high-net-worth individuals (UHNIs), and family offices.

The funding is planned to support 3ev’s expansion of manufacturing capacity and the rollout of its 3C division (Charging, Care & Conversions). The company also plans to invest in supply chain integration and research in regenerative braking systems, advanced materials, and solar-enabled cold chain EV technology.

The L5 electric three-wheeler category in India is projected to grow at a 19.5% CAGR, reaching USD 18.7 billion by 2035 and accounting for more than 60% of three-wheeler sales.

Peter Voelkner, MD of 3ev, said “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.”

Manas Das, VP at MGL, stated “At Mahanagar Gas Limited, we are committed to supporting India’s clean energy transition, and electric mobility is an integral part of that journey. We believe 3ev’s unique combination of robust vehicle design, strong customer testimonials and an innovative Battery-as-a-Service model positions it to play a pivotal role in driving EV adoption across urban markets in a nascent industry.”

Manish Goel, Founder and MD of Equentis Wealth, said “We see 3ev as a catalyst in India’s electrification journey. Their strong operational model through 3eco, BaaS-backed aftermarket ecosystem, and proven traction in the 3W space make them uniquely positioned to capture the next wave of EV growth,”

3ev reported an increase in vehicle sales from 438 units in FY24 to a projected 834 units in FY25, with revenue rising from ₹17.8 Crore to ₹54.7 Crore. The company targets revenue of ₹65 Crore and a positive EBITDA margin by FY26, stating that the Series A funding supports its position in the EV ecosystem and strengthens collaboration within its partner network.

Also read: 3ev Industries and Gentari join hands to strengthen EV aftermarket development