3ev Industries raises Rs 120 cr from Mahanagar Gas, others

Mumbai, Nov 26 (PTI) Bengaluru-based electric vehicle firm 3ev Industries on Wednesday said it has raised Rs 120 crore for scaling up manufacturing, charging infrastructure and aftermarket services.

The latest funding round was led by city gas distributor Mahanagar Gas Limited, which chipped in with Rs 96 crore, marking its first strategic investment in the electric mobility sector, 3ev Industries said.

The Series A funding round also saw participation from Equentis Angel Fund and Thackersey Group as well as a group of HNIs, UHNIs, and family offices, it stated.

"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 Industries.

The company said that 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 compound annual growth rate of 19.5 per cent, reaching USD 18.7 billion by 2035 and achieving over 60 per cent penetration in total three-wheeler sales, the company said.

The investment would help the company expand its manufacturing capabilities and power the launch of its 3C division (charging, care and conversions), 3v said, adding it will further accelerate advancements in supply chain integration and research across regenerative braking systems, advanced materials, and solar-enabled cold chain EV technologies.

The company said it is expecting to clock a revenue of Rs 65 crore with a positive EBITDA (earnings before interest, taxes, depreciation and amortisation) margin. PTI IAS HVA