3ev Industries, a Bengaluru-based Electric Vehicle OEM, has secured Rs 96 crore in Series A funding from Mahanagar Gas. The investment, which will be disbursed in tranches, is subject to standard closing provisions, with the initial tranche expected to be invested before the end of this month.
Specializing in manufacturing L5 category three-wheel cargo, passenger, and ICE-to-EV converted electric vehicles, 3ev aims to utilize the investment to scale up production capacity to meet growing customer demand. Additionally, the funds will support R&D projects focused on enhancing electronics efficiency and further developing aftermarket services such as Battery-as-a-Service (BaaS).
Peter Voelkner, Managing Director of 3ev, emphasized, “Our focus on total life-cycle management enabling highly competitive TCOs for EV users, their customers, and other stakeholders, gives our clean technology a clear value proposition in the marketplace.”
Khaitan & Co. served as the legal advisor, and HDFC Bank acted as the transaction advisor to 3ev.