Last Updated on November 27, 2025 by Author
3ev Industries announced the successful closure of its Series A funding target, securing ₹120 Crores commitment from investors primarily led by Mahanagar Gas Limited, marking MGL’s first strategic investment in the electric mobility sector. The current round also saw participation from Equentis Angel Fund and Thackersey Group.
MGL committed ₹96 Crores as the lead investor, while other notable participants included the Thackersey Group (Bhishma Realty Limited) with ₹10.46 Crore and Equentis with ₹8.15 Crores. Additional contributions came from a group of HNIs, UHNIs, and family offices, amounting to ₹4.82 Crores.
The investment marks a pivotal milestone in 3ev’s growth journey — expanding its manufacturing capabilities and powering the launch of its pioneering 3C division (Charging, Care & Conversions). It will further accelerate advancements in supply chain integration and research across regenerative braking systems, advanced materials, and solar-enabled cold chain EV technologies.
With India’s urban mobility landscape evolving rapidly, the demand for L5 electric three-wheelers is set to surge. Backed by a compelling total-cost-of-ownership advantage and strong policy tailwinds, the segment is projected to grow at a 19.5% CAGR, reaching USD 18.7 billion by 2035 and achieving over 60% penetration in total three-wheeler sales — positioning 3ev at the forefront of this transformative shift.
“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,” said Peter Voelkner, MD, 3ev
“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.” said Manas Das, VP, MGL
Equentis quote: 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,” said Manish Goel, Founder & MD, Equentis Wealth.
3ev has already demonstrated strong 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 ₹17.8 Crores in FY24 to ₹54.7 Crores in FY25. By FY26, the company targets a revenue ₹65 Crores with a positive EBITDA margin.
This Series A round not only strengthens 3ev’s position in India’s fast-evolving EV ecosystem but also highlights the growing collaboration between its Partner Ecosystem that is making sustainable transportation a reality.
