Indian EV Startup 3ev Nets $13.5 Mn Series A Led By Mahanagar Gas
- ByStartupStory | November 27, 2025
Bengaluru’s Three-Wheeler Pioneer Scales Up For Last-Mile Revolution With Fresh Capital Boost
Bengaluru-based electric vehicle manufacturer 3ev Industries has secured $13.5 Mn (₹120 Cr) in a Series A funding round, led by Mahanagar Gas Limited (MGL) in its debut investment into electric mobility. The round also drew participation from Equentis Angel Fund, Thackersey Group, and a mix of high-net-worth individuals, ultra-high-net-worth individuals, and family offices. MGL anchored the capital infusion with ₹96 Cr, followed by ₹10.46 Cr from Thackersey Group and ₹8.15 Cr from Equentis, completing the syndicate’s commitment.
Fueling Expansion In A Booming Market
Founded in 2019, 3ev specializes in electric three-wheelers tailored for hyperlocal logistics and urban passenger transport, focusing on the high-demand L5 category. Its lineup spans seven models, including cargo vehicles, passenger autos, goods autos, and compact electric rickshaws designed for dense city environments. Complementing hardware, the company runs a Battery-as-a-Service (BaaS) model alongside its 3eco and upcoming 3C (charging, care, conversion) verticals to deliver end-to-end support, slashing ownership costs for fleet operators through bundled financing, maintenance, and energy solutions.
The fresh funds will turbocharge manufacturing scale-up, accelerate the 3C division rollout, and fortify supply chain resilience. Key priorities include ramping production volumes, enhancing aftermarket services, and pioneering R&D in regenerative braking, advanced materials, and solar-integrated cold-chain EVs for specialized delivery needs. Managing Director Peter Voelkner emphasized that these investments will refine build quality and craft customer-centric financing to streamline EV transitions for last-mile players.
Strong Traction Signals Profitability Path
3ev has demonstrated robust momentum, nearly doubling vehicle dispatches from 438 units in FY24 to 834 in FY25, driving revenue from ₹17.8 Cr to ₹54.7 Cr. Looking ahead, the company targets ₹65 Cr in topline for FY26 alongside a positive EBITDA margin, positioning it for sustainable growth amid India’s EV surge. This trajectory aligns with projections for the electric three-wheeler segment, expected to dominate over 60% market share by 2035, fueled by cost advantages, subsidies, and emission mandates.
Strategic Backing Unlocks Ecosystem Synergies
MGL’s lead role underscores a pivotal cross-sector alliance, blending gas infrastructure expertise with EV charging ambitions to advance clean energy goals. Equentis’ Manish Goel praised 3ev’s vehicle robustness, customer validation, and BaaS innovation as primed for urban EV dominance. Thackersey Group’s commitment further validates the startup’s ecosystem play in a market poised to exceed $132 Bn by 2030.
Previously bootstrapped with $2 Mn in seed funding from family offices, 3ev now enters a competitive arena alongside peers like EKA Mobility and Simple Energy, each carving niches in India’s electrification race. This Series A cements 3ev’s foothold, promising accelerated delivery of affordable, reliable EVs to transform city logistics and mobility.
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