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Bengaluru-based EV maker 3ev Industries has closed its Series A funding round with commitments worth INR 120 crores.
The investment was led by Mahanagar Gas Limited with additional participation from Equentis Angel Fund and the Thackersey Group.
MGL contributed INR 96 crores while the Thackersey Group through Bhishma Realty Limited invested INR 10.46 crores. Equentis joined with INR 8.15 crores and a group of high net worth and ultra high net worth individuals along with family offices contributed another INR 4.82 crores.
Before this round the company had raised USD 2 million in seed funding from several family offices.
The fresh capital is expected to strengthen 3ev's manufacturing capacity and support the launch of its 3C division which includes charging care and conversions. The company said the investment will also help speed up work on supply chain integration and research in regenerative braking systems advanced materials and solar based cold chain EV technology.
Founded in 2019 by Peter Hartmut and CG Krishna Bhupathi the company focuses on affordable and reliable electric mobility solutions for last mile and urban transport. Its Battery as a Service platform is designed to make electric vehicle ownership easier by combining manufacturing financing and after sales support.
The company reported improved performance with vehicle sales almost doubling from 438 units in FY24 to an estimated 834 units in FY25. Revenue rose from INR 17.8 crores in FY24 to a projected INR 54.7 crores in FY25. For FY26 3ev aims to reach INR 65 crores in revenue with a positive EBITDA margin.
The key competitors for 3ev Industries include Euler Motors Piaggio and Kinetic Green.
This article was originally published by the Entrepreneurindia.com. To read the full version, visit here 
