Indian EV Startup Qucev Nets $14.5M Series B
- ByStartupStory | December 19, 2025
Bengaluru-based electric vehicle startup Qucev has raised $14.5 million in a Series B funding round to scale production of its affordable electric two- and three-wheelers targeting India’s mass mobility market.
Series B Accelerates Last-Mile EV Push
The $14.5 million round was led by prominent investors including existing backers like Blume Ventures and new strategic players focused on clean mobility. Total funding now surpasses $30 million since Qucev’s 2021 founding. Proceeds will fund a new manufacturing facility in Tamil Nadu, battery localization via partnerships with Indian cell makers, and R&D for swappable battery ecosystems optimized for urban delivery fleets.
Founded by serial entrepreneurs with experience at Ola Electric and Ather Energy, Qucev specializes in rugged, low-cost EVs for gig workers, e-commerce logistics, and public transport. Its flagship Qube scooter and QTri trike deliver 100-150 km range at under $1,500 price points, undercutting ICE rivals on TCO through minimal maintenance and fast charging.
Capturing India’s Delivery Boom
India’s last-mile logistics sector moves $50 billion annually, with EVs comprising just 5% despite 20% YoY growth. Qucev targets this via purpose-built vehicles with 200 kg payloads, IP67 dust-water resistance, and telematics for route optimization. Key customers include Zomato, Swiggy, and Amazon, who deploy 10,000+ units for zero-emission deliveries.
Differentiators include modular swappables (5-min exchanges at 1,000+ stations planned), OTA updates for efficiency gains, and financing tie-ups slashing upfront costs to Rs 2,000/month. The platform achieves 95% uptime vs. 70% for petrol bikes, driving 30% fleet cost savings.
Funds Deployment: Capacity, Tech, Markets
Capital targets three levers:
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Gigafactory Ramp: 50,000 unit capacity by 2027, leveraging PLI incentives for chassis and motors.
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Battery Vertical: In-house packs with LFP cells from Reliance New Energy, targeting 10 paise/km energy cost.
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Expansion: Southeast Asia via Vietnam/Indonesia pilots, plus B2C via dealerships in 20 states.
Qucev eyes 100,000 units sold in FY27, with enterprise contracts providing 70% revenue stability.
Moats in Competitive EV Arena
Ola/Ather dominate premium, but Qucev owns value segment against Hero Vida and Bajaj Chetak. Proprietary battery management yields 20% better cycle life; data from 50,000 vehicles fuels AI predictive maintenance. Gross margins hit 25% at scale, with path to profitability by 2028.
Challenges: Supply chain volatility, charging infra gaps, state subsidies flux. Qucev mitigates via vertical integration and FAME-III advocacy.
Tailwinds: Policy, Demand, Exports
Government’s $2 billion EV push—FAME, PLI, state tenders—creates 10x runway as two-wheelers hit 30% penetration by 2030. E-commerce volumes doubling to 20 billion parcels fuel B2B pull. Exports to ASEAN leverage cost edge.
For VCs, Qucev offers logistics TAM exposure with superior economics to ride-hailing plays. Blume’s continued bet signals conviction in sub-$2k EVs unlocking mass adoption.
Unicorn Trajectory
Metrics for success: 1 million km daily fleet mileage, 50% market share in delivery EVs, $200 million ARR. Paths forward include IPO or strategic sale to TVS/Mahindra. Qucev exemplifies India’s EV democratization—affordable, rugged tech powering gig economy’s green shift in a $100 billion addressable market.
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