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3ev Industries raises Rs 120 Cr in Series A led by Mahanagar Gas

Entrackr

Entrackr · 3d ago

3ev Industries raises Rs 120 Cr in Series A led by Mahanagar Gas

3ev Industries raises Rs 120 Cr in Series A led by Mahanagar Gas Electric vehicle (EV) OEM company 3ev Industries has raised Rs 120 crore in Series A funding round led by Mahanagar Gas. The round also witnessed participation from Equentis Angel Fund and Thackersey Group. MGL committed Rs 96 crore as the lead investor, while other participants included the Thackersey Group with Rs 10.46 crore and Equentis with Rs 8.15 crore. Additional contributions came from a group of HNIs, UHNIs, and family offices amounting to Rs 4.82 crore. The proceeds will be utilized to expand its manufacturing capabilities, powering the launch of its pioneering 3C division (charging, care & conversions), and accelerate advancements in supply chain integration and research across regenerative braking systems, advanced materials, and solar-enabled cold chain EV technologies, 3ev Industries said in a press release. Co-founded in 2019 by Peter Hartmut and CG Krishna Bhupathi, 3ev Industries is a Bengaluru-based electric vehicle OEM focused on delivering affordable, reliable, and scalable mobility solutions for India’s growing last-mile and urban transport needs. Alongside its Battery-as-a-Service (BaaS) platform, it integrates manufacturing, financing, and aftermarket support to make EV adoption seamless for customers. As per market research, the urban mobility segment is projected to grow at a 19.5% CAGR, reaching $18.7 billion by 2035 and achieving over 60% penetration in total three-wheeler sales. "This investment initiated in FY25 marked a defining milestone for 3ev Industries. With this funding, we have strengthened our build quality, after-market capability and tailored financing solutions that make EV adoption seamless for our customers. Our mission has always been to transform last-mile connectivity with sustainable mobility through an Ecosystem approach, and this partnership gave us the resources and strategic support to target that,” said Peter Voelkner, MD, 3ev. 3ev has demonstrated traction through the receipt of this funding, nearly doubling vehicle sales from 438 in FY24 to a projected 834 in FY25, with revenues rising from Rs 17.8 crore in FY24 to Rs 54.7 crore in FY25. By FY26, the company targets a revenue of Rs 65 crore with a positive EBITDA margin.

Related News

EV Startup 3ev Raises INR 120 Cr, Plans To Step Up Manufacturing Capabilities

Inc42 · 3d ago

EV Startup 3ev Raises INR 120 Cr, Plans To Step Up Manufacturing Capabilities

Electric vehicle manufacturer 3ev has secured INR 120 crore in a Series A funding round led by Mahanagar Gas Limited (MGL), with additional participation from Equentis Angel Fund and Thackersey Group. MGL contributed INR 96 crore, while Thackersey Group invested INR 10.46 crore. The company experienced significant growth, with its revenue more than doubling to INR 54.7 crore in FY25, and sales nearly doubling to 834 electric vehicles, highlighting its expansion efforts and increasing market presence.

Mahanagar Gas, Gujarat Gas poised for gains as CNG adoption surges; Siddhartha Khemka sees 10-20% upside

Economic Times

Economic Times · 5m ago

Mahanagar Gas, Gujarat Gas poised for gains as CNG adoption surges; Siddhartha Khemka sees 10-20% upside

India's City Gas Distribution (CGD) sector is gaining momentum due to increased CNG adoption, infrastructure expansion, and cost benefits, as electric vehicles face global challenges. The CGD network's expansion, especially in tier-2/3 cities, supports its growth, with government backing ensuring stability. Mahanagar Gas and Gujarat Gas are poised for growth, focusing on CNG demand and strategic expansions. Mahanagar Gas aims for a 10% volume CAGR, while Gujarat Gas targets 12% CNG volume growth.

Rapido raises Rs 250 Cr from Prosus as part of Series E round

Entrackr

Entrackr · 9m ago

Rapido raises Rs 250 Cr from Prosus as part of Series E round

Rapido raises Rs 250 Cr from Prosus as part of Series E round Mobility firm Rapido is raising Rs 250 crore (around $29.7 million) from Prosus as part of Series E round. This funding comes just seven months after its $120 million round, which was led by WestBridge. The board at Rapido has passed a special resolution to issue 47,743 Series E preference shares at an issue price of Rs 52,467 each to raise Rs 250 crore or $29.7 million, the company's regulatory filing accessed from the Registrar of Companies shows. Rapido was set to raise approximately $60 million in a mix of primary and secondary funding from Prosus, as exclusively reported by Entrackr in October 2024. The ride-hailing app is raising $200 million in its Series E round at a $1.1 billion valuation. The company has already received two tranches—$120 million and $29.7 million. Following this latest tranche, Prosus will hold around 2.9% of Rapido. Based on Entrackr’s estimates, Rapido is currently valued at approximately Rs 8,726 crore (just over $1 billion). Rapido recorded 46.3% year-on-year growth, with revenue standing at Rs 648 crore in the fiscal year ending March 2024. The company also reduced its losses by 45%, bringing them down to Rs 371 crore during the same period. In Q2 FY25, Rapido reported a 2.5X year-on-year increase in gross order value (GOV), reaching Rs 2,461 crore, up from Rs 977 crore in Q2 FY24. The company also saw a two-fold increase in rides, totaling 207 million.

MGL stock gains 2% after city gas distributor hikes CNG, domestic PNG rates in Mumbai

Money Control

Money Control · 1y ago

MGL stock gains 2% after city gas distributor hikes CNG, domestic PNG rates in Mumbai

Mahanagar Gas Ltd (MGL) has announced a price hike for CNG and domestic piped natural gas (PNG) in Mumbai to offset rising input costs. The price of delivered CNG will increase by Rs 1.5 per kg, while domestic PNG will see a hike of Re 1/SCM. This increase is due to the additional cost incurred for importing natural gas. MGL stated that even with this hike, their prices for CNG and domestic PNG are still among the lowest in the country.

Mahanagar Gas falls 13% after Citi downgrades stock to 'Sell' from 'Buy'

Money Control

Money Control · 1y ago

Mahanagar Gas falls 13% after Citi downgrades stock to 'Sell' from 'Buy'

Shares of Mahanagar Gas Ltd dropped by more than 13% after Citi downgraded the stock to 'Sell' from 'Buy' and reduced its target price. The downgrade came as Oil Minister Hardeep Puri highlighted that the full benefits of natural gas sector reforms have not reached end customers. Puri emphasized the government's commitment to ensuring affordable rates and enforcing compliance by city gas companies. Citi expressed concerns about exclusivity and margins and expressed that it is closely monitoring potential downside catalysts over the next 90 days. The city gas licensing round is expected to require an investment of Rs 41,000 crore for infrastructure development.

PeLocal secures $2 million funding led by Unicorn India Ventures

Economic Times

Economic Times · 1y ago

PeLocal secures $2 million funding led by Unicorn India Ventures

Chennai-based payment solutions provider PeLocal has raised $2 million in a funding round led by Unicorn India Ventures. The startup enables ecommerce transactions through messaging platforms like WhatsApp and aims to scale its monthly transaction numbers from three million to 10 million in the next year. PeLocal plans to build a marketing catalogue and a dedicated small business payments platform on WhatsApp. The company's offerings have been adopted by clients such as Delhi Metro, Indraprastha Gas, and Mahanagar Gas, as well as multiple insurance companies. PeLocal previously raised $1 million in a seed round.

Pidge Raises INR 120 Cr To Deepen Presence In Tier II & III Cities

Inc42 · 10d ago

Pidge Raises INR 120 Cr To Deepen Presence In Tier II & III Cities

Pidge, a logistics SaaS startup, raised INR 120 crore in its Series A funding round led by Spain-based investment firm La Vida es Chula (LVEC), marking LVEC's first investment in India. The funds will be used to enhance Pidge's technology and product capabilities, expand its presence in tier II and III cities, and bolster internal operations for future growth. The company also plans to conduct pilots in select international markets.

Zetwerk raises $120 Mn at flat valuation

Entrackr

Entrackr · 2y ago

Zetwerk raises $120 Mn at flat valuation

B2B e-commerce unicorn Zetwerk has raised $120 million in a Series F funding round led by Avenir Growth Capital. However, the valuation of the Bengaluru-based company remained unchanged. This is the first equity investment for Zetwerk in 2023. The funding round also saw participation from Footpath Ventures, Greenoaks Capital, Steadview Capital, D1 Capital, and Lightspeed. Zetwerk connects buyers and suppliers for custom manufacturing jobs and operates in over 15 countries, serving more than 100 customers across various industries. The company's revenue grew significantly in FY22 while its losses increased moderately.

FMCG startup Mitra raises Rs 14 crore in round led by Bestvantage Investments - The Economic Times

Economic Times

Economic Times · 3m ago

FMCG startup Mitra raises Rs 14 crore in round led by Bestvantage Investments - The Economic Times

FMCG startup Mitra raised Rs 14 crore in a bridge round led by Bestvantage Investments. The funds will expand operations, product range, and market reach, including entering GCC markets. Mitra plans a new 3,000-tonne flour plant and new products. The company aims to become a top five FMCG firm in India within 2–3 years, targeting a Series A round in 2026 with a Rs 500 crore valuation. Revenue is expected to reach over Rs 120 crore this year.

AI startup LivNSense raises $2.75M in a pre-Series A round

IndianStartupNews

IndianStartupNews · 1y ago

AI startup LivNSense raises $2.75M in a pre-Series A round

Bengaluru-based AI startup LivNSense has raised $2.75 million in a pre-Series A funding round led by Pavestone Technology Fund. The funding will be used to enhance the development of their GreenOps platform, an AI system designed to tackle net zero challenges and reduce greenhouse gas emissions globally. LivNSense aims to achieve a carbon neutral world with its flagship product, GreenOps, which is used by various industries to reduce carbon emissions while boosting profitability. The funds will also be used to expand GreenOps' capabilities and enter new markets.

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