3ev Raises INR 120 Crore Series A Led by Mahanagar Gas to Accelerate EV Expansion

Electric vehicle manufacturer 3ev Industries, headquartered in Bengaluru, has closed its Series A round with a INR 120 crore commitment, led by Mahanagar Gas Ltd. (MGL).

The investment marks MGL’s first strategic foray into India’s electric mobility space. Other participants in the round include Equentis Angel Fund, Thackersey Group and Bestvantage Investments.

MGL contributed INR 96 crore as the lead investor. The Thackersey Group (Bhishma Realty Ltd.) invested INR 10.46 crore, Equentis added INR 8.15 crore, and contributions from HNIs, UHNIs, and family offices totalled INR 4.82 crore.

The capital infusion represents a significant milestone for 3ev, enabling an expansion of its manufacturing capabilities and supporting the rollout of its new 3C (Charging, Care & Conversion) division, focused on charging, care and conversions. The funding will also accelerate research and supply chain integration in areas such as regenerative braking systems, advanced materials, and solar-enabled cold chain EV technologies.

The investment comes at a time when India’s L5 electric three-wheeler segment is projected to grow rapidly, with the market expected to reach USD 18.7 billion by 2035 and achieve more than 60 percent penetration in overall three-wheeler sales.

“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.

Manas Das, Vice President at MGL, said, “We are committed to supporting India’s clean energy transition, and electric mobility is an integral part of that journey. We believe 3ev’s strong vehicle design, customer validation, and innovative Battery-as-a-Service model position it well to drive adoption across urban markets.”

Equentis Founder and MD Manish Goel added, “We see 3ev as a catalyst in India’s electrification journey. Their operational model through 3eco, combined with a BaaS-backed aftermarket ecosystem, gives them the edge to capture the next wave of EV growth.”

Backed by the fresh funding, 3ev is on track to nearly double its vehicle sales, from 438 units in FY24 to a projected 834 units in FY25. Revenue is expected to jump from INR 17.8 crore in FY24 to INR 54.7 crore in FY25. For FY26, the company is targeting INR 65 crore in revenue along with a positive EBITDA margin.

The Series A round further strengthens 3ev’s position in India’s evolving EV landscape and underscores the increasing collaboration among its wider ecosystem partners driving sustainable mobility.