3ev Industries Raises Rs 120 Crore for Electric Vehicle Expansion

3ev Industries, an electric vehicle firm in Bengaluru, secured Rs 120 crore in funding to enhance its manufacturing and charging infrastructure. Mahanagar Gas Limited led the funding round. The investment will support 3ev's strategic initiatives to improve EV adoption, focusing on sustainability and last-mile connectivity solutions.

Bengaluru-based 3ev Industries announced on Wednesday that it has successfully raised Rs 120 crore to bolster its manufacturing, charging infrastructure, and aftermarket services, as part of its expansion plans in the electric vehicle sector.

The latest Series A funding round was spearheaded by Mahanagar Gas Limited, which invested Rs 96 crore. This marks their first strategic investment in electric mobility. Equentis Angel Fund, Thackersey Group, and several high-net-worth individuals also participated.

The company aims to transform urban mobility with its growing L5 electric three-wheeler market, anticipating a significant increase propelled by favorable policy shifts. The investment will also enable 3ev to expand its research in solar-powered EV technologies and regenerative braking systems.

(With inputs from agencies.)