3ev Industries, a Bengaluru-based electric vehicle (EV) OEM company, has raised ₹120 crore in its Series A funding round led by Mahanagar Gas. The round also saw participation from Equentis Angel Fund and Thackersey Group.
Mahanagar Gas invested ₹96 crore, while the Thackersey Group, through Bhishma Realty, invested ₹10.46 crore, and Equentis put in ₹8.15 crore. The remaining ₹4.82 came from high-net-worth individuals and family offices.
The funds raised will be used to expand its manufacturing capacity and launch its 3C division (charging, care and conversions). The company also plans to invest in supply chain integration and research in regenerative braking systems, advanced materials, and solar-enabled cold chain EV technology.
Founded in 2019 by Peter Hartmut and CG Krishna Bhupathi, 3ev Industries is a Bengaluru-based electric vehicle OEM focused on delivering affordable, reliable, and scalable mobility solutions for last-mile and urban transport needs.
Its Battery as a Service platform is designed to make electric vehicle ownership easier by combining manufacturing, financing and after-sales support.
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.
Peter Voelkner, MD of 3ev, said, “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. 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.”
Manas Das, VP at MGL, said, “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.”
Manish Goel, Founder and MD of Equentis Wealth, said, “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.”
