aBengaluru-based 3ev Industries, an Electric Vehicle Original Equipment Manufacturer (OEM), has successfully closed a significant series A funding round, raising ₹120 crore. This massive influx of capital was led by Mahanagar Gas Ltd. ( MGL ), and the move was a decisive one for both the OEM and the city gas distributor. This investment underscores the growing strategic attention by conventional energy stakeholders toward India towards its fast-developing electric mobility industry, which sets 3ev Industries for aggressive growth in the electric three-wheeler market, which is essential for final-mile logistics and urban transportation.

Capital infusion and strategic vision

Mahanagar Gas Ltd. led the pack in the Series A round, investing the largest amount of capital. To the Mumbai-based city gas distributor, this financing is the first strategic exploration into the Indian electric mobility landscape, which marks the obvious diversification policy of the company in the framework of sustainable transport solutions. MGL had bet on the potential of 3ev by investing ₹96 crore. Other investors joined the funding round in great numbers as well, which demonstrates a wide range of trust in the company’s direction.

Institutional and corporate investors, such as the Thackersey Group, contributing ₹10.46 crore, and the Equentis Angel Fund, contributing ₹8.15 crore, were also part of the round. The other capital that was required to achieve the ₹120 crore total was obtained through a pool of high net worth (HNIs) and ultra high net worth (UHNIs) individuals and other family offices. This combination of strategic corporate investors, professional funds, and private capital gives 3ev Industries a strong financial base, which they can use to implement their aggressive growth strategies amidst a very competitive Indian EV environment.

The 3ev Industries has defined the way it plans to use the freshly raised money, and this is by strengthening its operations and its presence in the market. The main goals of the capital utilisation are threefold: a profound increase in the manufacturing capacity of the company, the enhancement of the overall integration of the supply chain and the overall implementation of its new 3C vertical. The 3C vertical is an innovative product that aims to include charging infrastructure, vehicle care services, as well as conversion services to develop a more integrated ecosystem around its vehicles. The OEM stressed how this will be a critical investment since it will aim at having a major footprint and market share in the electric three-wheeler industry in India.

Growth and financial performance

Since 2019, 3ev Industries has been a fast-developing company that has positioned itself as a leader in the production of electric light three-wheelers. The primary aim of these vehicles is to meet the growing demands of the hyperlocal logistics and urban passenger transportation, which are essential parts of the Indian mobility environment. The diverse product range of the company currently includes seven different models, including both cargo and passenger autos and micro-mobility rickshaws. A tendency to serve diverse commercial and transportation needs is supported by the model of an innovative battery as a service, which is crucial in simplifying the way of financing and other essential activities in the EV market.

The strategic investment follows a year of impressive financial performance and market penetration by 3ev Industries. The firm was able to close FY25 with a small margin of almost doubling the number of vehicles sold to 834 units sold, a great improvement compared to the previous year, where the figure stood at 438 units sold. This growth in sales was reflected in the corresponding growth in its financial performance, with the revenue of the company growing significantly to ₹54.7 crore in FY25 as compared to the ₹17.8 crore it had made in the last financial year.

3ev Industries is positive and aggressive in the prognosis of its financial path. It is estimated that by the end of the current Financial Year 2026 (FY 26), the company will be growing in revenue and reach ₹65 crore. The management expects to attain a positive EBITDA margin by the end of FY26, which will be the signal of the sustainability of profitability and efficiency of the operational activities after the Series A capital raise.

Conclusion

The ₹120 crore series A funding round, which was successfully led by Mahanagar Gas, is a major confirmation of the ecosystem-based strategy and robust growth trends that 3ev Industries demonstrates in the Indian electric three-wheeler market. With this essential capital base, 3ev can now confidently move forward to increase its manufacturing presence, consolidate its supply base, and roll out its 3C service vertical so that the adoption of electric vehicles can be easier and more widespread.