3ev Secures ₹120 Crore in Series A Funding Led by Mahanagar Gas Limited to Accelerate EV Expansion

Key Highlights

• 3ev raises ₹120 crore in Series A round.

• Mahanagar Gas Limited leads with ₹96 crore.

• Funds to expand manufacturing and the 3C division.

• L5 EV three-wheeler market to reach USD 18.7 bn by 2035.

• 3ev targets ₹65 crore revenue and positive EBITDA by FY26.

Bengaluru-based electric vehicle manufacturer 3ev Industries has successfully closed its Series A funding round, raising ₹120 crore, marking a major milestone in its growth journey. The funding was led by Mahanagar Gas Limited (MGL), which has entered the electric mobility space for the first time through this investment.

Also Read: Mahindra Inaugurates 97th Truck and Bus Dealership in Hisar, Expands Service Network in Haryana

Funding Breakdown and Key Investors

MGL emerged as the lead investor with a contribution of ₹96 crore. Other major participants included:

• Thackersey Group (Bhishma Realty Limited) – ₹10.46 crore

• Equentis Angel Fund – ₹8.15 crore

• HNIs, UHNIs, and family offices – ₹4.82 crore

This collective investment strengthens 3ev’s financial position as it prepares for large-scale expansion.

How 3ev Plans to Utilize the Funds

The company will use the capital to:

• Expand manufacturing capacity

• Roll out its new 3C division (Charging, Care & Conversions)

• Improve supply chain integration

• Advance research in regenerative braking systems

• Explore advanced materials

• Develop solar-enabled cold chain EV technology

These initiatives aim to further strengthen 3ev’s integrated EV ecosystem for last-mile and urban mobility.

Market Outlook for Electric Three-Wheelers

India’s L5 electric three-wheeler category is projected to grow at a 19.5% CAGR, reaching USD 18.7 billion by 2035, with EVs expected to account for more than 60% of total three-wheeler sales. This positions 3ev strongly in a rapidly expanding segment.

Strong Growth in Sales and Revenue

3ev reported solid business momentum with:

• Vehicle sales are rising from 438 units in FY24 to an estimated 834 units in FY25

• Revenue increased from ₹17.8 crore to ₹54.7 crore in the same period

For FY26, the company aims for ₹65 crore revenue with a positive EBITDA margin, supported by the Series A funding and strong partner collaborations.

Leadership Statements

Peter Voelkner, MD of 3ev Industries, said the investment marks a defining milestone in FY25. He highlighted that the funding boosts build quality, aftermarket support, and customer-oriented financing solutions. He emphasized 3ev’s mission to transform last-mile mobility through a holistic ecosystem approach.

Manas Das, VP at MGL, noted that electric mobility is a key part of India’s clean energy future. He praised 3ev’s robust vehicle design, customer trust, and innovative Battery-as-a-Service (BaaS) model as strong reasons for MGL’s strategic investment.

Manish Goel, Founder & MD of Equentis Wealth, added that 3ev is well-positioned to drive India’s electrification journey, supported by its proven traction in the three-wheeler EV segment and strong aftermarket ecosystem through 3eco.

About 3ev Industries

3ev manufactures electric three-wheelers designed for urban and last-mile transport. Its ecosystem includes vehicle manufacturing, financing support, a Battery-as-a-Service platform, and end-to-end aftermarket services, helping accelerate EV adoption across India.

Also Read: Bajaj Riki Launched: New Long-Range E-Rickshaws Start at ₹1.91 Lakh in India

CMV360 Says

3ev’s ₹120 crore Series A funding marks a strong step forward in India’s fast-growing electric mobility sector. With major backing from Mahanagar Gas Limited and other investors, the company is now positioned to expand manufacturing, strengthen its charging and care ecosystem, and push new technologies like regenerative braking and solar-enabled cold chain EVs. This investment supports 3ev’s goal of driving cleaner, reliable, and sustainable last-mile transportation across the country.