Bangalore, India-based EV startup 3eco and its parent company 3ev received investment from Credence Family Office. The company announced the news on August 27, 2022. Credence invested a total of USD 4 million in the pre-Series A round of the EV company. Wherein 3ev received USD 2.5 million, whereas the remaining amount of USD 1.5 million was invested in the group company 3eco Systems.
Besides, various family offices, as well as prominent investors, participated in the pre-Series A financing.
Purpose of Investment for 3ev
With the fresh proceeds from pre-Series A, the company intends to expand its capacity. Moreover, it has plans to add fleets in 3Ev.
On the other hand, 3eco Systems intends to further expand the company’s ecosystem. 3ev and 3eco’s ongoing funding round is expected to close soon. Following this, the startup plans to raise Series A funding in the next six months.
What the 3ev official has to say
Peter Hartmut Voelkner, managing director of 3ev and 3eco, said, “3eco provides turnkey services by internalising the value-chain with fully employed drivers, dedicated vehicles and charging/service depots, and a robust digital information system for data collection, analysis, process optimisation, and transparent implementation.”
What the investor has to say
Nitesh Arora, executive director at Credence, said, “The EV market is still in its infancy and needs an integrated approach to drive market acceptance. 3ev & 3eco have made great strides towards standardising their products and services with positive customer feedback, market penetration, and steady growth.”
About the company
Peter Hartmut Voelkner brought the company into existence in 2019. 3ev offers micro-mobility solutions to businesses and individuals. The firm is on the mission to provide the most efficient and comprehensive solutions for last-mile “hyper-local” connectivity in India’s rapidly expanding population centres. It also operates in the manufacturing of three-wheeler and freight EVs. The company manufactures the electric fleets according to the customer’s feedback. Besides, the startup claims to repurchase vehicles after five years for refurbishment and redeployment. It competes with the likes of Ultraviolette Automotive, River, and Revolt, among others. The company has launched vehicles such as Shakti 8C (closed cargo box electric cargo vehicle), Shakti 8, e30x and e30c auto electric conversion kit, Vega 4 and Vega 8, which are four and eight-seater passenger autos, and Surya (passenger auto).
On the other hand, 3eco is an app-based hyper-local mobility service provider. 3eco is the brand of services provided by 3ev. It caters to organisations working in diverse sectors.
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