Mahanagar Gas Leads ₹120 Crore Funding Round for 3ev Industries to Back EV Push

Bengaluru-based electric vehicle manufacturer 3ev Industries has closed its Series A funding round, raising ₹120 crore from a group of investors led by Mahanagar Gas Limited (MGL). This investment marks MGL’s first strategic entry into the EV mobility space and signals growing confidence in the future of electric three-wheelers in India. 

Funding Breakdown and Strategic Significance 

MGL led the round with a commitment of ₹96 crore. The Thackersey Group (Bhishma Realty Limited) invested ₹10.46 crore, while Equentis contributed ₹8.15 crore. The rest of the capital: ₹4.82 crore came from a consortium of HNIs, UHNIs, and family offices. 

The funding represents a major milestone for 3ev, enabling the company to expand manufacturing operations and accelerate the rollout of its 3C division: charging, care and conversions. It will also bolster supply-chain integration and research initiatives focused on regenerative braking, 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 of 3ev, as per news reports. 

Market Outlook and Growth Traction 

With India’s urban mobility ecosystem evolving rapidly, demand for L5 electric three-wheelers is expected to surge. The segment, benefiting from a strong total-cost-of-ownership advantage and policy support, is projected to grow at a 19.5% CAGR, reaching $18.7 billion by 2035 and crossing 60% penetration in three-wheeler sales. 

Read More: Best EV Stocks in India in November 2025 Based on 1 Year Return: BEL, Gabriel India, Lumax and More! 

Conclusion 

The ₹120-crore Series A investment places 3ev Industries in a strong position to scale its manufacturing, deepen its technological capabilities, and expand its ecosystem-driven approach to electric mobility. As the L5 EV segment accelerates nationwide, 3ev is well aligned to capture the growing demand for sustainable last-mile transportation. 

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