EV Startup Qucev Raises $15 Million In Series B Funding
- Qucev raises Rs 131.25 crore ($15 million) in Series B funding, led by existing investor Singularity AMC, with participation from Lotus Family Trust and others.
- The funding values the electric commercial vehicle startup at Rs 538 crore ($61 million), following the issuance of over 4.46 million Series B CCPS.
- Founded in 2022, Qucev focuses on electric commercial vehicles and fleet solutions, competing with players like Euler Motors, Altigreen, and Tata Motors Electric.
Electric commercial vehicle company, Qucev, has garnered Rs 131.25 crores, which translates to around $15 million in Series B funding led by existing investor Singularity AMC. This round also includes investment from Lotus Family Trust, Volrado Venture Partners, Anchorage Capital, among others.
According to a filing made by the company with the Registrar of Companies (RoC) in September 2025, the board of Qucev had issued 4,467,375 Series B compulsorily convertible preference shares at an issue price of Rs 293.8 per share.
Singularity AMC topped the tranche with an investment of Rs 25.76 crores (close to $3 million), followed by Lotus Family Trust with an investment of Rs 18.5 crores. Anchorage Capital, Volrado Venture Partners, Param Capital, and S Gupta Family Investments also invested Rs 17.98 crores each. The rest of the funds came from other investors as well as angel investors Lakshay Singhal and founder Naresh Rawal of the company Anubhav Gupta.
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As per the analysis by Entrackr, the current valuation for the firm stands at approximately Rs 538 crore or $61 million. Established in 2022 by Naresh Rawal, Qucev is a next-gen electric commercial vehicles brand in collaboration with BYD, an electric vehicles company in China, offering the development, manufacturing, and marketing of electric tractors, trucks, buses, and three-wheelers. Apart from product development and marketing,Qucev also provides financial, charging, and fleet solutions.
As per the data intelligence platform TheKredible, Qucev has earlier received funding to the tune of $4 million from Singularity AMC, Barclays, and Maa Creations.
For the financial year ended March 2025, the company showed no sales of products but reported an income of Rs 2.08 crores from the sale of services. During the same period, it incurred a loss of Rs 9.35 crores. Qucev rivals other brands like Euler Motors, Altigreen, and established brands like Mahindra Electric, Piaggio, Kinetic Green, and Tata, among others.
