Strong Investor Participation Strengthens 3ev’s Expansion Plans
3ev Industries, a Bengaluru-based electric vehicle OEM, has secured a commitment of ₹120 crore in its Series A funding round. The round was led by Mahanagar Gas Limited (MGL), which contributed ₹96 crore as the principal investor. The Thackersey Group, through Bhishma Realty Limited, invested ₹10.46 crore, while Equentis Angel Fund added ₹8.15 crore. A collective contribution of ₹4.82 crore from high-net-worth individuals and family offices completed the round.
The investment underscores increasing confidence in 3ev’s business model, product strategy, and ability to scale in India’s competitive urban mobility segment. The company focuses on compact electric vehicles designed for efficient last-mile and mid-mile transportation.
Rapid Revenue Growth Positions Company for Profitability
3ev has demonstrated strong revenue momentum over the last two financial years. The company recorded ₹17.8 crore in revenue in FY24 and grew significantly to ₹54.7 crore in FY25. By FY26, 3ev is targeting ₹65 crore in revenue with a positive EBITDA margin, driven by operational efficiencies and growing market adoption.
The fresh capital will support scaling of manufacturing capacity, strengthening supply chain operations, and accelerating deployment across key cities. It will also enable the company to enhance product development and service infrastructure.
MGL’s Strategic Backing Adds Long-Term Value
The participation of MGL provides strategic advantages that extend beyond financial investment. As a major player in India’s clean energy sector, MGL’s backing supports 3ev’s long-term plans in sustainable mobility, energy integration, and market expansion. Additional support from institutional investors and family offices offers diversified and stable funding as the company enters its next phase of growth.
