Bengaluru 3ev Industries has secured Rs 120 crore in a Series A funding round led by Mumbai-based Mahanagar Gas Ltd. This marks the city-gas distributor’s first strategic investment in India’s electric mobility market. The round also saw participation from Equentis Angel Fund and Thackersey Group. This significant investment positions 3EV to accelerate its manufacturing capabilities and expand its comprehensive ecosystem approach to electric three-wheeler mobility in India’s rapidly evolving EV landscape.
| 3EV Series A Funding Details | Specifications |
|---|---|
| Total Funding Raised | ₹120 crore |
| Funding Round | Series A |
| Lead Investor | Mahanagar Gas Limited (MGL) |
| MGL Investment | ₹96 crore (first strategic EV investment) |
| Thackersey Group Investment | ₹10.46 crore (Bhishma Realty Limited) |
| Equentis Angel Fund Investment | ₹8.15 crore |
| HNI/UHNI/Family Office Contribution | ₹4.82 crore |
| Previous Funding | $2 million seed round from family offices |
| FY24 Revenue | ₹17.8 crore |
| FY25 Projected Revenue | ₹54.7 crore |
| FY26 Revenue Target | ₹65 crore with positive EBITDA |
| FY24 Vehicle Sales | 438 units |
| FY25 Projected Sales | 834 units (90% growth) |
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Bengaluru 3ev-Mahanagar Gas Makes Strategic Entry into Electric Mobility
Mahanagar Gas invested Rs 96 crore, while Thackersey Group put in Rs Rs 10.46 crore and Equentis contributed Rs 8.15 crore. The rest came from high-net-worth and family office investors, according to a statement. This substantial investment represents Mahanagar Gas Limited’s strategic pivot toward supporting India’s clean energy transition through electric mobility infrastructure.
MGL invested ₹96 Crore as the lead participant, followed by the Thackersey Group (Bhishma Realty Limited) with ₹10.46 Crore and Equentis with ₹8.15 Crore. Additional contributions amounting to ₹4.82 Crore came from high-net-worth individuals (HNIs), ultra-high-net-worth individuals (UHNIs), and family offices.
Strategic Deployment: Scaling Manufacturing and 3C Division Launch
The Bengaluru-based electric three-wheeler manufacturer said the investment will help scale production capacity, strengthen supply-chain integration, and expand its charging, aftermarket and conversion services division.
The funding will specifically support the rollout of 3EV’s pioneering 3C division, encompassing three critical pillars of electric mobility infrastructure. The proceeds will be utilized to expand its manufacturing capabilities, powering the launch of its pioneering 3C division (charging, care & conversions), and accelerate advancements in supply chain integration and research across regenerative braking systems, advanced materials, and solar-enabled cold chain EV technologies, 3ev Industries said in a press release.
Impressive Growth Trajectory: Revenue and Sales Metrics
The startup nearly doubled vehicle sales to a projected 834 units in FY25 from 438 a year earlier, with revenue rising to Rs 54.7 crore from Rs 17.8 crore. This 90% growth in vehicle sales and 207% revenue expansion demonstrates strong market traction and customer validation of 3EV’s electric three-wheeler offerings.
3ev has demonstrated traction through the receipt of this funding, nearly doubling vehicle sales from 438 in FY24 to a projected 834 in FY25, with revenues rising from Rs 17.8 crore in FY24 to Rs 54.7 crore in FY25. By FY26, the company targets a revenue of Rs 65 crore with a positive EBITDA margin. The projected achievement of positive EBITDA by FY26 signals 3EV’s path toward sustainable profitability within the capital-intensive EV manufacturing sector.
Leadership Vision: Ecosystem Approach to Electric Mobility
“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 Industries.
Peter Voelkner’s emphasis on an ecosystem approach highlights 3EV’s differentiated strategy beyond pure vehicle manufacturing. “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 gave us the resources and strategic support to target that,” said Peter Voelkner, MD, 3ev Industries.
Investor Rationale: Battery-as-a-Service and Market Positioning
“We believe 3ev’s unique combination of robust vehicle design, strong customer testimonials and an innovative battery-as-a-service (Baas) model positions it to play a pivotal role in driving EV adoption across urban markets in a nascent industry,” said Manas Das, VP at Mahanagar Gas Ltd.
The Battery-as-a-Service model represents a critical innovation reducing upfront vehicle costs and addressing one of the primary barriers to EV adoption in price-sensitive commercial vehicle segments. Manas Das, VP at MGL, stated “At Mahanagar Gas Limited, we are committed to supporting India’s clean energy transition, and electric mobility is an integral part of that journey. 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.”
Equentis Perspective: Operational Excellence and Market Capture
“We see 3ev as a catalyst in India’s electrification journey. Their strong operational model through 3eco, BaaS-backed aftermarket ecosystem, and proven traction in the 3W space make them uniquely positioned to capture the next wave of EV growth,” said Manish Goel, Founder, Equentis.
Equentis’s investment thesis emphasizes 3EV’s comprehensive operational model encompassing manufacturing, charging infrastructure (through 3eco), aftermarket services, and innovative financing mechanisms—creating a defensible competitive moat in the electric three-wheeler segment.
Market Opportunity: L5 Three-Wheeler Segment Poised for Explosive Growth
With India’s urban mobility ecosystem evolving rapidly, demand for L5 electric three-wheelers is expected to surge. The segment, benefiting from a strong total-cost-of-ownership advantage and policy support, is projected to grow at a 19.5% CAGR, reaching $18.7 billion by 2035 and crossing 60% penetration in three-wheeler sales.
This massive market opportunity validates the timing of Mahanagar Gas’s strategic entry into electric mobility. The L5 category—comprising passenger and cargo three-wheelers—represents one of India’s fastest-electrifying vehicle segments due to favorable economics, regulatory support, and concentrated urban usage patterns ideal for electric powertrains.
Technology Focus: Advanced R&D Initiatives
The funding will accelerate 3EV’s research initiatives across multiple cutting-edge technologies. The company is investing in regenerative braking systems to maximize energy recovery and extend range, advanced materials to reduce vehicle weight and improve efficiency, and solar-enabled cold chain EV technologies—a critical innovation for India’s logistics and food distribution sectors requiring temperature-controlled transport.
Competitive Positioning in India’s EV Landscape
3EV competes in the electric three-wheeler segment against established players including Mahindra Last Mile Mobility, Bajaj Auto, Piaggio Vehicles, and numerous startups. The company’s differentiation lies in its comprehensive ecosystem approach combining vehicle manufacturing, charging infrastructure, aftermarket services, and innovative financing solutions rather than focusing solely on vehicle sales.
Supply Chain Integration and Manufacturing Scale-Up
The Series A funding will enable 3EV to strengthen supply chain integration—a critical capability for managing component costs and ensuring production reliability in India’s evolving EV supply ecosystem. Enhanced manufacturing capacity will support the company’s ambitious sales targets while maintaining quality standards essential for commercial vehicle applications where uptime and reliability directly impact operator economics.
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