Team StartupCity

• 3ev raises Rs 120 Crore in Series A led by Mahanagar Gas
• Funds to expand manufacturing and launch 3C division
• EV maker aims to scale last-mile and urban mobility solutions

Electric vehicle maker 3ev Industries has raised Rs 120 crore in its Series A funding round, led by Mahanagar Gas Ltd (MGL). The round also saw participation from Equentis Angel Fund, the Thackersey Group, and several HNIs, UHNIs, and family offices.

MGL invested Rs 96 crore, while the Thackersey Group and Equentis contributed Rs 10.46 crore and Rs 8.15 crore, respectively. Additional investors contributed Rs 4.82 crore.

The Bengaluru-based EV OEM plans to use the fresh capital to scale its manufacturing facilities, launch its new 3C division (charging, care, and conversions), and strengthen research in supply chain integration. The company will also advance work across regenerative braking systems, advanced materials, and solar-enabled cold chain EV technologies.

Founded in 2019 by Peter Hartmut and CG Krishna Bhupathi, 3ev Industries focuses on affordable and reliable EV solutions for last-mile and urban mobility. It also offers a Battery-as-a-Service (BaaS) model and integrates manufacturing, financing, and after-sales support to simplify EV adoption for customers.

The company is growing alongside India’s expanding urban mobility market, which is expected to reach $18.7 billion by 2035 with a 19.5% CAGR and more than 60% penetration in three-wheeler sales.

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Peter Voelkner, Managing Director of 3ev Industries, said the investment marks a key milestone in strengthening product quality, after-market services, and financing options to support wider EV adoption.

3ev has shown strong traction, nearly doubling vehicle sales from 438 units in FY24 to an estimated 834 in FY25. Revenue is expected to jump from Rs 17.8 crore to Rs 54.7 crore in the same period. It aims to touch Rs 65 crore in revenue with positive EBITDA by FY26.