Qucev: Electric Commercial Vehicle Startup Raises Rs 131.25 Crore
Qucev, an innovative electric commercial vehicle startup, has successfully secured Rs 131.25 crore, which is roughly $15 million, through a Series B funding round. This investment round was led by the established investor, Singularity AMC, along with contributions from Lotus Family Trust, Volrado Venture Partners, Anchorage Capital, and other participants.
As per the regulatory filing with the Registrar of Companies (RoC) in September 2025, Qucev’s board issued 4,467,375 Series B compulsorily convertible preference shares at an issuance price of Rs 293.8 per share to generate the aforementioned funding. Singularity AMC took the lead in this tranche, investing Rs 25.76 crore (nearly $3 million), followed by Lotus Family Trust, which contributed Rs 18.5 crore. Other investors, including Anchorage Capital, Volrado Venture Partners, Param Capital, and S Gupta Family Investments, each invested Rs 17.98 crore. Additional funding came from angel investors such as Lakshay Singhal and Anubhav Gupta, along with the company’s founder, Naresh Rawal.
According to analysis from Startup Superb, Qucev currently holds a valuation of approximately Rs 538 crore (or $61 million) post-money. Founded in 2022 by Naresh Rawal, Qucev partners with the China-based EV manufacturer BYD, focusing on designing and manufacturing electric tractors, trucks, buses, and three-wheelers with an emphasis on sustainable and economical mobility solutions. Beyond its manufacturing and sales operations, Qucev also provides financing options, charging infrastructure, and fleet management solutions.
Startup data intelligence platforms reveal that Qucev has previously raised around $4 million from Singularity AMC, Barclays, and Maa Creations. For the fiscal year ending March 2025, the company did not report any product sales but generated Rs 2.08 crore from service sales. During the same period, it noted a loss of Rs 9.35 crore.
Qucev finds itself in competition with other emerging players like Euler Motors and Altigreen, as well as established companies including Mahindra Electric, Piaggio, Kinetic Green, Tata, and more.