Electric commercial vehicle startup Qucev has secured ₹131.25 crore (around $15 million) in a Series B funding round. This is a key step for both India’s electric vehicle market and the direct-to-consumer business scene.
The funding was led by Singularity AMC, an existing investor, and saw participation from Lotus Family Trust, Volrado Venture Partners, Anchorage Capital, Param Capital, S Gupta Family Investments, and several angel investors.
According to filings, Qucev issued 4,467,375 Series B preference shares at ₹293.8 each to close the round. Singularity AMC put in ₹25.76 crore, while Lotus Family Trust committed ₹18.5 crore. Anchorage Capital, Volrado Venture Partners, Param Capital, and S Gupta Family Investments each invested ₹17.98 crore. The remaining funds came from other investors, including angels and the founders.
Naresh Rawal started Qucev in 2022 with the goal of building an electric commercial vehicle platform with BYD. Qucev designs and makes electric tractors, trucks, buses, and three-wheelers. The company aims to combine clean transportation, efficient logistics, and scalable manufacturing. Qucev is also creating a system that includes financing, charging stations, and fleet management. This is becoming a standard model for new direct-to-consumer startups in mobility and infrastructure.
Based on market estimates, Qucev is valued at around ₹538 crore (approximately $61 million) after this funding round. This shows that investors are confident in EV-led direct-to-consumer businesses and sustainable transport platforms in India. Before this round, the startup had raised almost $4 million from investors like Singularity AMC, Barclays, and Maa Creations.
Qucev reported ₹2.08 crore in service revenue and a loss of ₹9.35 crore for the financial year ending March 2025. It did not record any product sales during that time. This reflects the company’s focus on infrastructure, partnerships, and platform development.
The Series B funds should help Qucev with its next phase, including getting products ready, expanding its system, and growing operations as it prepares for commercial launches. The company faces competition from players like Euler Motors, Altigreen, and established manufacturers like Mahindra Electric, Piaggio, Kinetic Green, and Tata Motors.
This funding round adds to the momentum in direct-to-consumer funding, D2C updates, and industry news. Investors continue to support platforms that address major issues such as logistics and carbon reduction. With supportive policies, rising EV adoption, and demand for sustainable fleet options, Qucev is working to become a long-term player in India’s electric commercial mobility market.
As Qucev shifts from building its platform to commercial execution, the Series B round offers both capital and validation. This prepares the company for its next stage of growth in India’s rapidly growing EV and direct-to-consumer market.
