Bengaluru EV Maker 3ev Raises ₹120 Cr From Mahanagar Gas Ltd & Others

3ev Industries, a Bengaluru-based electric vehicle (EV) OEM, on Thursday announced the closure of its Series A funding round, securing commitments worth ₹120 crore from investors led primarily by Mahanagar Gas Limited. This marks the state-owned natural gas distributor’s first strategic investment in the electric mobility sector.

MGL committed ₹96 crore as the lead investor, while other notable participants included the Thackersey Group (Bhishma Realty Limited) with ₹10.46 crore and Equentis with ₹8.15 crore. Additional contributions came from a group of HNIs, UHNIs, and family offices, amounting to ₹4.82 crore.

3ev Industries designs and manufactures L5-certified electric three-wheelers for both passenger and cargo applications, and also offers ICE-to-EV conversion kits.

The company said the investment marks a pivotal milestone in its growth journey, expanding manufacturing capabilities and powering the launch of its pioneering 3C division (Charging, Care & Conversions). It added that the new funding would “accelerate advancements in supply chain integration and research across regenerative braking systems, advanced materials, and solar-enabled cold chain EV technologies.”

“With this funding, we have strengthened our build quality, after-market capability, and tailored financing solutions that make EV adoption seamless for our customers. Our mission has always been to transform last-mile connectivity with sustainable mobility through an ecosystem approach, and this partnership gives us the resources and strategic support to target that,” said Peter Voelkner, MD, 3ev.

The EV maker expects its vehicle sales to rise from 438 in FY24 to 834 in FY25, with revenues increasing from ₹17.8 crore to ₹54.7 crore. It aims to reach ₹65 crore in revenue with positive EBITDA by FY26. The Series A round strengthens its position in India’s fast-growing EV sector and underscores deepening partnerships across the ecosystem.

With India’s urban mobility rapidly shifting towards L5 electric three-wheelers — backed by favourable economics and policy support — the segment is projected to grow at a 19.5% CAGR to $18.7 billion by 2035, achieving over 60% penetration. This trend places 3ev in a strong position as the transition accelerates.

“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, VP, MGL.

“We see 3ev as a catalyst in India’s electrification journey. Its strong operational model through 3eco, BaaS-backed aftermarket ecosystem, and proven traction in the 3W space make it uniquely positioned to capture the next wave of EV growth,” said Manish Goel, Founder & MD, Equentis Wealth.