Private Equity

PE-VC Fund Investments

Electric commercial vehicles maker Qucev raises $15-M led by Singularity AMC

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Electric commercial vehicle maker Qucev has raised INR 131.25 crore (approximately USD 15 million) in a Series B funding round, led by existing investor Singularity AMC, which contributed INR 25.76 crore (nearly USD 3 million). Other participants in the round include Lotus Family Trust, Volrado Venture Partners, Anchorage Capital, Param Capital, S Gupta Family Investments, and angel investors Lakshay Singhal, Anubhav Gupta, and company founder Naresh Rawal. The company is currently valued at approximately INR 538 crore (USD 61 million) post-money.Founded in 2022, Qucev makes electric commercial vehicles in partnership with China-based BYD. It designs and manufactures electric tractors, trucks, buses, and three-wheelers, focusing on sustainable and cost-effective mobility. Qucev also provides financing, charging infrastructure, and fleet solutions.For the fiscal year ending March 2025, Qucev reported no product sales, generated INR 2.08 crore from the sale of services, and recorded a loss of INR 9.35 crore.

In Oct 2023 , Qucev had attracted a funding round from Singularity AMC and others.