Bengaluru-based Credence has invested a total of $4 Million in pre-Series A funding rounds of the EV startup, 3ev and its group company–3eco Systems. It has invested $2.5 Mn in 3ev while the remaining $1.5 Mn funding has been deployed into 3eco.

The funding round also saw participation from a slew of family offices and veteran investors.

As per the startup, the raised funds will be used for expanding capacity and adding fleets in 3eco. Additionally, funds will also be used for expanding the ecosystem of 3ev.

3eco & 3ev

Founded in 2019, 3ev is on a mission to provide the most efficient and comprehensive solutions for last-mile “hyper-local” connectivity in India’s rapidly expanding population centres. It offers micro-mobility solutions to businesses and individuals and manufactures three-wheeler and freight EVs.

3eco is an app-based hyper-local mobility service provider to organisations working in diverse sectors. It specializes in comprehensive hyper-local connectivity solutions for enterprise customers to ensure efficient and intelligent last-mile fulfilment.

Speaking on the development, 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 standardizing their products and services with positive customer feedback, market penetration, and steady growth.”

As per 3ev, it manufactures customized EVs based on the customers’ feedback. It also repurchases vehicles after five years for refurbishment and redeployment. 3ev is building a network of community-embedded service clusters that leverage the efficiency of our proprietary electric vehicles with a robust IT platform and scalable business model.

3eco and 3ev’s ongoing funding round will be closed soon. Post this funding, the startup plans to raise Series A funding in the next six months.

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