3ev Industries has secured 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.
The 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).
Khaitan & Co. was the legal advisor, and HDFC Bank was the transaction advisor to 3ev.
Peter Voelkner, managing director, 3ev, said, "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."
(This article first appeared on Autocarpro.in)