Bengaluru-based 3ev Industries, a rising player in India’s electric three-wheeler segment, has successfully raised ₹120 crore in its latest funding round. The investment is led by Mahanagar Gas Ltd., with participation from other investors including Thackersey Group, Equentis Angel Fund, and individual backers. The fresh capital will be used to enhance production capabilities, improve supply chain efficiency, and expand the startup’s footprint in the country’s rapidly growing EV market. With this funding, 3ev is poised to scale its operations significantly, making electric mobility more accessible for urban transport and last-mile deliveries.
Rapid Sales Growth and Revenue Surge
Over the past year, 3ev Industries has witnessed remarkable growth in both sales and revenue. In FY25, the company sold around 834 vehicles, nearly doubling its sales from 438 vehicles in FY24. This growth translated into a significant revenue increase, from ₹17.8 crore to ₹54.7 crore within a year. The company is now targeting a revenue of ₹65 crore in FY26 and is confident of achieving a positive EBITDA margin. This trajectory highlights not only the rising demand for electric three-wheelers in Indian cities but also 3ev’s ability to capture market share effectively. Analysts suggest that the startup’s focus on compact, efficient, and affordable EVs positions it well for future growth in a market increasingly prioritizing clean and sustainable mobility.
Expanding Manufacturing and Launching 3C Services
With the new funding, 3ev plans to expand its manufacturing capacity, enabling the production of more electric passenger and cargo three-wheelers. The startup is also introducing a new vertical called “3C”, which stands for Charging, Care, and Conversion. Through this initiative, 3ev aims to provide end-to-end solutions for its customers, including vehicle charging infrastructure, maintenance and service, and retrofitting older vehicles to electric power. By integrating these services, 3ev is not just manufacturing vehicles but also building a complete ecosystem for urban electric mobility. This holistic approach is expected to strengthen customer loyalty while addressing common challenges such as vehicle downtime and limited access to charging points.
Transforming Urban Transport and the EV Landscape
The expansion of 3ev Industries comes at a time when Indian cities are seeking cleaner, quieter, and more efficient transport options. Electric three-wheelers, like those produced by 3ev, offer a sustainable alternative to traditional petrol and diesel vehicles, reducing both pollution and operating costs. The company’s growth and investment in infrastructure are likely to encourage wider adoption of EVs, making them more practical for daily commuting and delivery services. In simple terms, 3ev is building a future where electric autos are not only common but also affordable, reliable, and easy to maintain. This move is expected to benefit drivers, customers, and the environment, contributing to the broader goal of sustainable urban mobility in India.