Electric vehicle OEM 3ev Industries has raised ₹120 crore in a Series A funding round led by Mahanagar Gas Limited (MGL), marking a significant step in its plan to build an integrated EV ecosystem for last-mile and urban mobility. The round also saw participation from Equentis Angel Fund, Thackersey Group, and multiple family offices.
MGL invested ₹96 crore as the lead backer, while Thackersey Group contributed ₹10.46 crore and Equentis added ₹8.15 crore. The remaining ₹4.82 crore came from a consortium of HNIs and UHNIs. This follows the company’s earlier $2 million seed round raised from family offices.
Investment to Power Manufacturing and 3C Division
3ev will deploy the capital to expand manufacturing capacity and launch its new 3C division — Charging, Care & Conversions aimed at delivering a vertically integrated support system for EV owners. The funds will also accelerate R&D across regenerative braking systems, advanced materials, and solar-enabled cold-chain EV technologies, strengthening the company’s innovation roadmap.
Building an Integrated EV Ecosystem
Founded in 2019 by Peter Hartmut and CG Krishna Bhupathi, 3ev Industries builds affordable and reliable electric vehicles tailored for India’s growing urban and last-mile logistics segments. The company operates a full-stack model covering manufacturing, financing, Battery-as-a-Service (BaaS), and aftermarket support to ease EV adoption for fleet operators and individual customers.
Market estimates indicate that the urban mobility market is expected to grow at a 19.5% CAGR, touching $18.7 billion by 2035, with electric three-wheelers projected to cross 60% penetration.
Founder Insight
“This investment strengthened our build quality, aftermarket capability, and tailored financing solutions that make EV adoption seamless,” said Peter Voelkner, MD, 3ev, adding that the partnership enables the company to accelerate its ecosystem-led mobility mission.
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