3ev Industries Secures Rs 120 Crore Funding for Electric Vehicle Development

3ev Industries, a notable electric vehicle OEM company, has successfully obtained Rs 120 crore in a Series A funding round led by Mahanagar Gas. This funding round also saw contributions from Equentis Angel Fund and the Thackersey Group. Previously, 3ev Industries raised $2 million in seed funding from various family offices.

Funding Details

Mahanagar Gas committed to Rs 96 crore as the primary investor in this round. Additional investments included Rs 10.46 crore from the Thackersey Group and Rs 8.15 crore from Equentis. Further contributions were made by a cluster of high-net-worth individuals (HNIs), ultra-high-net-worth individuals (UHNIs), and family offices, amounting to Rs 4.82 crore.

Utilisation of Funds

The proceeds from this funding will be channelled into expanding manufacturing capabilities. This will support the launch of the innovative 3C division, which focuses on charging, care, and conversions. Additionally, the funds aim to enhance supply chain integration and to further research in areas such as regenerative braking systems, advanced materials, and solar-enabled cold chain EV technologies, as stated by 3ev Industries in a press release.

About 3ev Industries

Founded in 2019 by Peter Hartmut and CG Krishna Bhupathi, 3ev Industries is headquartered in Bengaluru and is dedicated to providing affordable, reliable, and scalable mobility solutions to meet India’s increasing last-mile and urban transportation requirements. The company also operates a Battery-as-a-Service (BaaS) platform that integrates manufacture, financing, and aftermarket support, ensuring a seamless transition to electric vehicles for customers.

Market Growth Insights

Market research indicates that the urban mobility segment is anticipated to experience a 19.5% CAGR, potentially reaching $18.7 billion by 2035, with over 60% penetration in total three-wheeler sales.

Quotes from Leadership

This investment, which commenced in FY25, is seen as a significant milestone for 3ev Industries. The funding is expected to enhance product quality, aftermarket capabilities, and concentrated financing options, thereby facilitating electric vehicle adoption. The mission remains to revolutionise last-mile connectivity with sustainable mobility through a comprehensive Ecosystem approach, which this partnership supports decisively, remarked Peter Voelkner, Managing Director of 3ev Industries.

Sales and Revenue Growth

3ev Industries has shown considerable progress following this funding. Vehicle sales rose from 438 in FY24 to a forecasted 834 in FY25, with revenue climbing from Rs 17.8 crore in FY24 to Rs 54.7 crore in FY25. The company has set a target of achieving Rs 65 crore in revenue by FY26, along with a positive EBITDA margin.