Indian EV startup 3ev Industries strengthens its position in the electric three-wheeler market after securing $13.5 million (₹120 crore) in its Series A funding round. The company attracts major interest from Mahanagar Gas Limited (MGL), which now steps into the electric-mobility landscape with this investment. The round also draws support from the Thackersey Group, Equentis Angel Fund, and several family offices, showing strong confidence in 3ev’s business model and growth trajectory.
This funding round arrives at a crucial moment for India’s EV sector. The electric-three-wheeler segment grows quickly across the country, and many fleet operators shift to electric mobility to control costs and meet sustainability goals. 3ev reads the market accurately, and the company uses this investment to expand its manufacturing scale, improve its service ecosystem, and drive technology innovations.
3ev Positions Itself as a Key EV Player
3ev focuses on electric three-wheelers for logistics, passenger movement, and micro-mobility. The company builds vehicles that suit India’s dense urban environments, and it designs them with efficiency, durability, and low operating costs in mind. The urban EV transition needs reliable, cost-effective transport solutions, and 3ev’s product range fills this gap.
Over the last year, the company shows clear momentum. It sells 834 vehicles in FY25, an increase from 438 units in FY24, and it grows revenue from ₹17.8 crore to ₹54.7 crore in the same period. These numbers show strong customer acceptance and increasing demand for efficient electric mobility options.
3ev aims for ₹65 crore revenue in FY26 with a target to achieve positive EBITDA. The company now pushes harder to achieve operational scale and broader market reach, and this new capital injection enables that expansion.
MGL Steps Into the EV Space With Strategic Intent
Mahanagar Gas Limited, one of India’s largest natural-gas distributors, enters the electric-mobility sector for the first time through this Series A investment. MGL seeks growth beyond natural gas, and the shift toward cleaner urban mobility aligns with its long-term strategy. By backing 3ev, MGL gains access to a rapidly expanding EV market and supports the development of charging and service ecosystems.
This move also signals a broader trend: energy companies now look toward EVs as the next major growth avenue. Gas and oil companies across India examine EV-oriented startups more closely because demand for sustainable transport solutions rises quickly. MGL’s investment strengthens 3ev’s credibility and gives the startup valuable support as it scales.
The Funding Enables a Larger Manufacturing Push
3ev now prepares to scale its manufacturing capabilities significantly. The company plans to increase output across its facilities so it can meet the rising demand in logistics, hyperlocal delivery, and passenger transport.
The company also invests in stronger supply-chain integration. It works to secure components, improve sourcing efficiency, and reduce production bottlenecks. Stronger supply chains help 3ev maintain consistent quality while controlling costs, two factors that shape competitiveness in the EV industry.
3ev’s leadership states clear intent: they want to deliver high-quality vehicles at scale while keeping operating costs low for customers. This approach aims to attract fleet operators, e-commerce delivery networks, and ride-share partners who require dependable EV solutions.
The “3C Ecosystem” Strengthens Customer Experience
One of 3ev’s biggest differentiators is its “3C Ecosystem” — Charging, Care, and Conversion. The company uses this ecosystem to create an end-to-end ownership experience for customers:
1. Charging
3ev expands its decentralized charging network to support easy vehicle access. Many of its vehicles operate within cities where charging infrastructure still grows slowly. By setting up localized charging hubs, 3ev solves a major pain point for fleet operators who need quick turnaround times.
2. Care
3ev offers after-sales support with fast maintenance services, spare-parts access, and on-site assistance. This support reduces downtime for customers and encourages long-term fleet reliability.
3. Conversion
3ev also builds solutions to convert older vehicles or integrate them with new components. This approach creates affordability for operators who want to shift to EVs without replacing entire fleets.
The ecosystem increases customer loyalty and reduces operating barriers. In a competitive EV market, strong service networks matter as much as the vehicles themselves, and 3ev’s 3C model positions the company as a full-stack provider rather than just a vehicle manufacturer.
Technology and R&D Serve as Core Growth Drivers
3ev intends to use part of the new funding to push several R&D initiatives. The company explores improvements in:
- regenerative braking systems
- advanced lightweight materials
- battery performance and safety
- telematics and smart-fleet monitoring
- solar-enabled energy solutions for cold-chain logistics
India’s EV market grows quickly, but technology improvements remain essential for long-term scale. 3ev understands this well and aims to lead innovation in the three-wheeler segment.
Cold-chain EVs, for example, represent a high-growth opportunity. As grocery, dairy, pharmaceutical, and hyperlocal deliveries rise, the market needs reliable temperature-controlled EV logistics. 3ev wants to develop EVs that use solar and advanced battery systems to support cold-chain operations. This niche can unlock new revenue streams and strengthen its leadership in specialized mobility solutions.
The Indian EV Sector Creates Strong Room for Growth
India sees a major shift toward electric mobility, and three-wheelers lead the transition. The segment grows due to:
- rising demand for urban logistics
- supportive government programs
- lower operating costs compared to ICE vehicles
- fleet electrification by e-commerce and delivery platforms
Cities such as Delhi, Bengaluru, Hyderabad, and Chennai witness strong adoption of electric three-wheelers because they reduce fuel expenses and work efficiently in congested areas.
3ev reads these trends well. The company focuses on functional, affordable vehicles that deliver strong range, durability, and quick service access. This positioning gives 3ev a competitive advantage as more operators lean toward electric fleets.
Competitive Landscape and 3ev’s Strategy
The Indian electric three-wheeler market attracts many competitors, from established automotive companies to emerging EV startups. To stand out, 3ev emphasizes:
- strong service ecosystem
- efficient charging access
- reliable vehicle performance
- cost-effective fleet management tools
- a modular platform approach
3ev understands that price alone does not guarantee success. Fleet operators evaluate total ownership cost, uptime, and after-sales support. 3ev’s integrated ecosystem offers strong value in these areas.
A Strong Road Ahead
The new $13.5 million funding gives 3ev the financial muscle to scale quickly. The company now aims to accelerate production, expand its 3C ecosystem, push R&D, and deepen its presence in key Indian cities.
India’s electric-mobility landscape evolves rapidly, and 3ev stands in a strong position to shape the future of urban transport with efficient, sustainable, and service-backed EV solutions.
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