Electric vehicle (EV) OEM company 3ev Industries has successfully raised Rs 120 crore (approximately $14.4 million) in a Series A funding round, spearheaded by Mahanagar Gas (MGL).
The round also saw significant participation from Equentis Angel Fund and the Thackersey Group, alongside contributions from High Net Worth Individuals (HNIs), Ultra-HNIs, and various family offices.
Funding Breakdown
As the lead investor, Mahanagar Gas committed Rs 96 crore to the round. The other key contributions were:
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Thackersey Group: Rs 10.46 crore
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Equentis Angel Fund: Rs 8.15 crore
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HNIs, UHNIs, and Family Offices: Rs 4.82 crore
This Series A follows the company’s prior $2 million seed funding round.
Deployment and Future Plans
The Bengaluru-based company, co-founded in 2019 by Peter Hartmut and CG Krishna Bhupathi, will utilize the fresh capital to:
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Expand manufacturing capabilities.
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Launch its new 3C division (charging, care & conversions).
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Accelerate supply chain integration and R&D into areas like regenerative braking systems, advanced materials, and solar-enabled cold chain EV technologies.
3ev Industries focuses on delivering affordable and scalable mobility solutions for India’s last-mile and urban transport needs, integrating manufacturing, financing, and aftermarket support alongside its Battery-as-a-Service (BaaS) platform.
Growth Trajectory
“This investment initiated in FY25 marked a defining milestone for 3ev Industries,” said Peter Voelkner, MD, 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.”
The company has demonstrated strong growth, projecting a near-doubling of vehicle sales from 438 in FY24 to 834 in FY25. Correspondingly, revenues are expected to surge from Rs 17.8 crore in FY24 to Rs 54.7 crore in FY25. The company targets a revenue of Rs 65 crore with a positive EBITDA margin by FY26.
The investment aligns with the robust growth in the urban mobility segment, which is projected to reach $18.7 billion by 2035 with a 19.5% CAGR.
By: Sandhya Bharti
