Bengaluru-based 3ev Industries raises Rs 120 crore in funding from Mahanagar Gas, others

Electric vehicle original equipment manufacturer 3ev Industries has raised Rs 120 crore in a Series A funding round led by Mahanagar Gas Ltd.

This is the Mumbai-based city gas distributor’s first strategic investment in India’s electric mobility sector. The round also saw participation from Equentis Angel Fund and the Thackersey Group.

Mahanagar Gas invested Rs 96 crore, followed by Rs 10.46 crore from the Thackersey Group and Rs 8.15 crore from Equentis. The remaining capital came from a group of high net worth individuals, ultra high net worth individuals and family offices.

The Bengaluru-based OEM said the funds will be used to expand manufacturing capacity and support the rollout of its 3C vertical that covers charging, care and conversion services. The firm added that the investment will strengthen supply chain integration as it targets a larger footprint in the electric three wheeler market.

“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 of 3ev. He added that the investment marked a milestone for the company in FY25 and aligned with its mission to support sustainable last mile mobility through an ecosystem led approach.

Founded in 2019, 3ev manufactures electric light three wheelers for hyperlocal logistics and urban passenger movement. Its portfolio includes seven models ranging from cargo vehicles to passenger autos and micro-mobility rickshaws. It also operates a battery as a service platform to support financing and aftermarket operations.

“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,” said Manas Das, vice president at Mahanagar Gas. 

3ev nearly doubled its vehicle sales to 834 units in FY25, compared with 438 units a year earlier. Revenue rose to Rs 54.7 crore from Rs 17.8 crore. The company expects to close FY26 with revenue of Rs 65 crore and a positive EBITDA margin.