Qucev to raise Rs 131.3 Cr led by Singularity AMC
The EV startup has reportedly partnered with Chinese EV giant BYD to design and manufacture electric tractors, trucks, buses, and three-wheelers.
Board of electric vehicle maker Qucev on Thursday approved the issuance of company shares to raise Rs 131.3 crore in a Series B funding round, led by existing investor Singularity AMC.
According to filings, the company’s board green-lit the issuance of 44,67,375 0.0001% compulsorily convertible preference shares at Rs 293.8 per CCPS, including a premium of Rs 283 per CCPS for an amount aggregating to Rs 131.25 crore.
Private equity firm Singularity AMC led the funding round with an investment of Rs 25.78 crore. The round also saw participation from Lotus Family Trust, which will invest Rs 18.5 crore, followed by Param Capital, Volrado Venture Partners, and Anchorage Capital, which will each invest around Rs 18 crore in the company.
Qucev’s founder, Naresh Kumar Rawal, also invested around 22.3 crore in the company. Rawal was the former MD and CEO at electric bus maker Olectra Greentech.
The company manufactures electric commercial vehicles and, according to reports, has partnered with China-based automotive giant BYD to launch electric heavy-duty commercial vehicles in India.
According to Tracxn, the company had previously raised $888,000 from Singularity AMC as part of its Series A funding round. Prior to that, it had raised $3.2 million from Barclays and Maa Creations in October 2023.
The company recorded a revenue of Rs 2.7 crore in FY25, according to Tracxn, compared to Rs 200 lakh in the prior year. Its losses for FY25 widened to Rs 9.4 crore compared to Rs 3.7 crore in FY24.
Edited by Jyoti Narayan