TL;DR
Mahanagar Gas led a ₹120 crore Series A funding round for Bengaluru-based EV manufacturer 3ev Industries, marking its first strategic investment in electric mobility.
Bengaluru-based electric vehicle (EV) OEM 3ev Industries has successfully closed its Series A funding round, securing ₹120 crore. The funding was primarily led by Mahanagar Gas Limited (MGL), one of India's prominent city gas distribution companies, marking MGL's inaugural strategic investment in the electric mobility sector.
Mahanagar Gas committed a significant ₹96 crore as the lead investor in this round. Additional participation came from Equentis Angel Fund and the Thackersey Group, with other contributions from high-net-worth individuals, ultra-high-net-worth individuals, and family offices. This investment highlights MGL's commitment to the EV push and will support 3ev Industries in expanding its manufacturing capabilities and charging services, signifying a major step in the gas distributor's diversification into electric mobility.
