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