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3ev Raises INR 120 Crore in Series A Led by Mahanagar Gas to Drive EV Growth

Bengaluru-based electric vehicle maker 3ev Industries has raised INR 120 crore in its Series A round, led by Mahanagar Gas Ltd. (MGL) in the company’s first strategic investment in India’s EV sector. Equentis Angel Fund and the Thackersey Group also participated in the funding.

MGL contributed INR 96 crore, while the Thackersey Group invested INR 10.46 crore and Equentis added INR 8.15 crore. Additional contributions from HNIs, UHNIs and family offices totalled INR 4.82 crore.

The fresh capital will support 3ev’s manufacturing expansion, strengthen its new 3C (Charging, Care & Conversions) division, and advance work on regenerative braking, advanced materials and solar-enabled cold chain EV solutions. The funding comes as India’s L5 electric three-wheeler market is projected to reach USD 18.7 billion by 2035 with over 60% penetration.

3ev Managing Director Peter Voelkner said the investment will enhance product quality, after-sales capabilities and customer-focused financing. MGL Vice President Manas Das added that 3ev’s design strength and Battery-as-a-Service model make it well placed to boost EV adoption. Equentis Founder Manish Goel noted that 3ev’s 3eco-led model positions it strongly for the next phase of electrification.

With this backing, 3ev expects to nearly double vehicle sales from 438 units in FY24 to 834 units in FY25. Revenue is forecast to rise from INR 17.8 crore to INR 54.7 crore in the same period, with the company targeting INR 65 crore and positive EBITDA in FY26.

The Series A round reinforces 3ev’s growing role in India’s EV transition and highlights deepening collaboration across the clean mobility ecosystem.