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

3ev Industries has secured Rs 120 crore in a Series A funding round led by Mumbai-based Mahanagar Gas Ltd. This marks the city-gas distributor’s first strategic investment in India’s electric mobility market.

The round also saw participation from Equentis Angel Fund and Thackersey Group.

Mahanagar Gas invested Rs 96 crore, while Thackersey Group put in Rs Rs 10.46 crore and Equentis contributed Rs 8.15 crore. The rest came from high-net-worth and family office investors, according to a statement.

The Bengaluru-based electric three-wheeler manufacturer said the investment will help scale production capacity, strengthen supply-chain integration, and expand its charging, aftermarket and conversion services division.

“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,” said Peter Voelkner, Managing Director, 3ev.

“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.”

3ev manufactures electric light three-wheelers and runs a battery-as-a-service platform supporting financing and aftermarket operations.

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"We believe 3ev’s unique combination of robust vehicle design, strong customer testimonials and an innovative battery-as-a-service (Baas) model positions it to play a pivotal role in driving EV adoption across urban markets in a nascent industry,” said Manas Das, VP at Mahanagar Gas Ltd.

“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,” said Manish Goel, Founder, Equentis.

The startup nearly doubled vehicle sales to a projected 834 units in FY25 from 438 a year earlier, with revenue rising to Rs 54.7 crore from Rs 17.8 crore. It expects revenue of Rs 65 crore and a positive EBITDA margin in FY26.

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Edited by Swetha Kannan