3ev Industries has raised Rs 96 crore in Series A funding from Mahanagar Gas.
The investment, which is to be made in tranches, is subject to normal closing provisions. The first tranche is expected to be invested before the end of this month.
3ev, a Bengaluru-based Electric Vehicle OEM, manufactures L5 category three-wheel cargo, passenger, and ICE-to-EV converted electric vehicles.
The investment will be used by the company to ramp up production capacity to meet increasing customer demand, support R&D projects focused on electronics efficiency, and further develop aftermarket services including Battery-as-a-Service (BaaS).
“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,” said Peter Voelkner, Managing Director, 3ev.
