Mahanagar Gas backs EV push, leads ₹120 crore funding round for 3ev

Investment marks the gas distributor's first major bet on electric mobility as 3ev expands manufacturing and charging services

3ev Industries, a Bengaluru-based electric vehicle (EV) OEM, has closed its Series A funding target, securing ₹120 crore from investors primarily led by Mahanagar Gas Limited, one of India’s leading city gas distribution companies. This marks MGL’s first strategic investment in the electric mobility sector. The current round also saw participation from Equentis Angel Fund and the Thackersey Group.

 

MGL committed ₹96 crore as the lead investor, while other notable participants included the Thackersey Group (Bhishma Realty Limited) with ₹10.46 crore and Equentis with ₹8.15 crore. Additional contributions came from a group of HNIs, UHNIs and family offices amounting to ₹4.82 crore.

 

The investment marks a pivotal milestone in 3ev’s growth journey — expanding its manufacturing capabilities and powering the launch of its pioneering 3C division (charging, care and conversions). It will further accelerate advancements in supply chain integration and research across regenerative braking systems, advanced materials and solar-enabled cold chain EV technologies.

 

“With this funding, we have strengthened our build quality, after-market capability and tailored financing solutions that make EV adoption seamless for our customers,” said Peter Voelkner, managing director, 3ev. “Our mission has always been to transform last-mile connectivity with sustainable mobility through an ecosystem approach, and this partnership gives us the resources and strategic support to target 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 19.5 per cent CAGR, reaching $18.7 billion by 2035 and achieving over 60 per cent penetration in total three-wheeler sales — positioning 3ev at the forefront of this transformative shift.

 

“We believe 3ev’s unique combination of robust vehicle design, strong customer testimonials and an innovative battery-as-a-service model positions it to play a pivotal role in driving EV adoption across urban markets in a nascent industry,” said Manas Das, VP, MGL.

 

Manish Goel, founder and MD, Equentis Wealth, said 3ev’s strong operational model, battery-as-a-service-backed aftermarket ecosystem and proven traction in the 3W space make it uniquely positioned to capture the next wave of EV growth.

 

3ev has already demonstrated strong traction through the receipt of this funding, nearly doubling vehicle sales from 438 in FY24 to a projected 834 in FY25, with revenues rising from ₹17.8 crore in FY24 to ₹54.7 crore in FY25. By FY26, the company targets revenue of ₹65 crore with a positive EBITDA margin.