Mahanagar Gas Limited Invests Rs. 96 Crore in 3ev Industries in Series A Funding Round
In an exciting development for the future of transportation, Mahanagar Gas Limited (MGL), a significant player in the energy sector, has made a huge step forward by investing in the electric vehicle (EV) industry. They have decided to put a whopping 96 crore rupees (which is a lot of money!) into a company called 3ev Industries Pvt. Ltd. This company, 3ev, started in 2019 in Bangalore, is known for making special types of electric vehicles that include three-wheel vehicles for carrying goods and passengers, as well as vehicles that have been converted from using regular fuel to electric power.
This investment agreement between MGL and 3ev was officially signed at MGL’s offices in Mumbai. It’s a big deal because it means MGL is fully funding this phase of 3ev’s growth, known as Series A funding. This funding will happen in stages, following certain agreed-upon rules, with the first part of the money being given by the end of this month.
The money from MGL is going to help 3ev do several important things. First, they’ll be able to make more vehicles to keep up with the high demand from customers. These customers are mainly companies that deliver goods, like online stores, retail shops, and companies that specialize in delivering things quickly over short distances (last-mile logistics).
Second, the investment will also support 3ev’s efforts to become better at making electric vehicles, especially in making the electronic parts more efficient.
Lastly, it will help 3ev grow its after-sales services, which include a unique program where customers can use batteries as a service instead of owning them, known as Battery-as-a-Service (BaaS).
Mr. Peter Voelkner, Managing Director of 3e, is thankful for the investment from MGL. He believes it shows that MGL trusts in 3ev’s business and its future success. He talked about how well MGL and 3ev’s goals align, especially in making electric vehicles more common and building up the system around using batteries in vehicles. Voelkner is excited about making electric vehicles more affordable and widespread, with MGL’s help.
Voelkner also mentioned that 3ev has already proven that its vehicles can meet the needs of various industries, from delivering heavy loads to transporting passengers. The investment will allow 3ev to make more vehicles to meet the growing demand and to offer their battery service in more areas.
On the other side, Mahanagar Gas Limited Invests Rs. 96 Crore in 3ev Industries in Series A Funding Roundhighlighted their commitment to making transportation more environmentally friendly. He said the investment is part of MGL’s effort to support cleaner transport options, like electric vehicles, to reduce pollution and the use of diesel. Shinghal pointed out that this move is strategic for MGL, allowing them to be part of the growing electric vehicle market.
In summary, this investment from MGL into 3ev is not just about money; it’s about two companies working together to make the dream of cleaner, more sustainable transportation a reality. It’s a big step towards reducing pollution and making electric vehicles a common sight on our roads, which is great news for everyone who cares about the planet.
