A major funding milestone for India’s last-mile electric mobility shift
3ev Industries, a Bengaluru-based electric three-wheeler manufacturer, has raised ₹120 crore in a Series A funding round. The round was led by Mahanagar Gas Limited (MGL), which contributed ₹96 crore, along with participation from the Thackersey Group, Equentis Angel Fund, family offices and UHNW investors.
The investment marks MGL’s first strategic entry into the electric mobility space and signals growing confidence among large energy companies in the future of EV-based last-mile transport.
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Why 3ev is attracting investor interest
India’s last-mile delivery and shared mobility sectors are transitioning rapidly to electric vehicles due to rising fuel costs, urbanisation and sustainability goals. Electric three-wheelers — used for cargo, micro-logistics and passenger movement — are one of the fastest-growing segments in the EV market.
3ev Industries stands out because of its vertically integrated approach: it doesn’t just build vehicles — it is creating a complete EV ecosystem that combines vehicles, charging, battery services and after-sales support.
Where the funds will be deployed
With ₹120 crore in fresh capital, 3ev plans to:
- Expand manufacturing capacity to meet rising EV demand
- Launch a new “3C” ecosystem division (Charging, Care and Conversions)
- Strengthen supply-chain and localisation of key components
- Accelerate R&D for technologies like regenerative braking and cold-chain EV systems
- Improve after-sales infrastructure and financing support for fleet operators and logistics leaders
The company sees this funding round as a transformational step toward building a scalable EV ecosystem rather than just increasing production volume.
Growth signals — revenue, production and business demand
3ev has recorded consistent business momentum over the past year:
- Vehicle sales are projected to nearly double in FY25
- Revenue is expected to grow from ₹17–18 crore in FY24 to around ₹54–55 crore in FY25
- The company aims to surpass ₹65 crore in revenue by FY26 with positive EBITDA margins
A significant share of demand has come from logistics operators, mid-scale fleet owners, hyperlocal delivery players, and businesses transitioning to electric fleets to reduce operational cost.
A broader impact on India’s EV landscape
The funding round indicates three important trends:
- Mainstream energy companies are now adopting EV strategies, not just observing the market from the sidelines.
- Full-stack EV models — vehicles + charging + servicing — are becoming the new competitive edge, rather than vehicle manufacturing alone.
- Urban logistics is shifting aggressively toward EVs, driven by cost savings and sustainability mandates.
If 3ev scales efficiently, it could emerge as a major contributor to India’s zero-emission last-mile mobility transition.
Key Takeaways
- 3ev Industries has secured ₹120 crore in Series A funding, led by Mahanagar Gas Limited.
- The investment will be used to expand manufacturing and launch a 3C ecosystem for charging, care and EV conversions.
- The company has demonstrated strong business traction with expected revenue growth of over 200% in FY25.
- 3ev positions itself not just as a vehicle manufacturer, but as a full-stack EV ecosystem player for the logistics and mobility segment.
- The funding reflects rising investor confidence in electric last-mile mobility and EV infrastructure in India.
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FAQs
Q: Which type of vehicles does 3ev manufacture?
3ev manufactures electric three-wheelers designed for cargo logistics and passenger transport — widely used for last-mile delivery, shared mobility and micro-transport.
Q: Why did this funding round attract major investors?
Investors see strong market potential for electric three-wheelers and believe 3ev’s ecosystem-based model — not just vehicle manufacturing — creates long-term defensibility.
Q: What is the purpose of the 3C division?
The “Charging, Care and Conversions” initiative will offer charging solutions, after-sales support, fleet maintenance and EV migration services, enabling a smoother transition for logistics fleets.
Q: Will 3ev expand beyond Bengaluru?
Yes. With new capital, the company aims to scale its presence across multiple Indian cities and expand its charging and support infrastructure.
Q: How does this funding impact India’s EV space?
It strengthens the transition toward electrified last-mile mobility and signals that legacy energy companies are actively investing in EV-driven transportation.
