Exclusive: EV startup Qucev raises $15 Mn in Series B
Electric commercial vehicle startup Qucev has raised Rs 131.25 crore (approximately $15 million) in Series B round led by existing investor Singularity AMC with the participation of Lotus Family Trust, Volrado Venture Partners, Anchorage Capital and others.
According to its regulatory filing with the Registrar of Companies (RoC) in September 2025, Qucev’s board issued 4,467,375 Series B compulsorily convertible preference shares at an issue price of Rs 293.8 per share to raise the said amount.
Singularity AMC led the tranche with an investment of Rs 25.76 crore (nearly $3 million), followed by Lotus Family Trust, which put in Rs 18.5 crore. Anchorage Capital, Volrado Venture Partners, Param Capital, and S Gupta Family Investments each invested Rs 17.98 crore. The remaining amount was contributed by other investors, including angel investors Lakshay Singhal, Anubhav Gupta and company’s founder Naresh Rawal.
According to Entrackr’s analysis, the company is currently valued at around Rs 538 crore or $61 million post-money.
Founded in 2022 by Naresh Rawal, Qucev is a next-generation electric commercial vehicle company in partnership with China-based EV manufacturer BYD, designs and manufactures electric tractors, trucks, buses, and three-wheelers, focusing on sustainable and cost-effective mobility. Beyond manufacturing and sales,Qucev also offers financing, charging infrastructure, and fleet solutions.
According to startup data intelligence platform TheKredible, Qucev has previously raised around $4 million from Singularity AMC, Barclays and Maa Creations.
For the fiscal year ended March 2025, the company did not report any product sales and generated Rs 2.08 crore from the sale of services. During the same period, it recorded a loss of Rs 9.35 crore.
Qucev competes with players like Euler Motors, Altigreen, as well as established names such as Mahindra Electric, Piaggio, Kinetic Green, Tata, and others.
Electric cars in 2025 have improved a lot, not only in design and technology but also in charging speed. It’s amazing to see how different models can charge in just a short time while still offering great mileage. This makes them a practical choice for everyday use.
I think the most interesting part of electric cars in 2025 is the balance between charging time and driving range. Some brands are pushing limits with faster charging, while others focus on extending battery life. It shows how quickly the EV industry is evolving to meet demand.
Reading about the best electric cars of 2025 really highlights how much progress has been made. Charging times are shorter, batteries last longer, and there are more options for consumers. It feels like we are moving closer to making electric vehicles the new normal for transportation.