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

Electric three-wheeler manufacturer 3ev Industries has raised Rs 120 crore in a Series A funding round led by Mumbai-based Mahanagar Gas Ltd. 

This is the city-gas distributor’s first major investment in India’s electric mobility sector.

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

Read also- Mirana Toys raises Rs 57.5 crore in Series A round from Arkam Ventures, others

Mahanagar Gas invested Rs 96 crore, while the Thackersey Group invested Rs 10.46 crore and Equentis put in Rs 8.15 crore. The remaining funds came from high-net-worth individuals and family offices, the statement said.

The investment will help increase production, improve supply-chain operations, and grow its charging, aftermarket, and conversion services.

“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.

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“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.”

"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.

3ev operates in India’s L5 three-wheeler market, which is expected to grow 19.5% a year and reach $18.7 billion by 2035, with electric vehicles making up over 60% of sales.

The company is growing quickly, with vehicle sales set to rise from 438 units in FY24 to 834 units in FY25. Revenue is expected to jump from ₹17.8 crore in FY24 to ₹54.7 crore in FY25. For FY26, 3ev is aiming for ₹65 crore in revenue and positive EBITDA margins.

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