Qucev’s $15M Series B Charge: Powering the Rise of India’s Electric Commercial Vehicles

How Qucev is accelerating sustainable transportation in India with strategic funding, ecosystem innovation, and next-generation EV solutions.

Electric mobility in India has rapidly evolved from passenger EV adoption to electrifying commercial fleets — and Qucev is at the forefront of this transformation. The Hyderabad-based startup has just closed a $15 million Series B funding round, a milestone that reinforces its ambition to build a full-stack ecosystem for electric commercial vehicles and related services.

 A Strategic Funding Win: Series B Capital to Fuel Growth

In December 2025, Qucev secured Rs 131.25 crore (about $15 million) in its Series B round, led by existing investor Singularity AMC with participation from Lotus Family Trust, Volrado Venture Partners, Anchorage Capital, Param Capital, S Gupta Family Investments, and angel investors including company founder Naresh Rawal.

To facilitate the raise, Qucev issued 4,467,375 Series B compulsorily convertible preference shares at a price of Rs 293.8 per share, valuing the business at around Rs 538 crore (~$61 million) post-money.

This infusion of capital positions Qucev to scale production, strengthen its value chain, and broaden the reach of its commercial EV solutions across India and beyond.

 What Qucev Does: Building the Next Wave of Commercial EVs

Founded in 2022 by Naresh Rawal, Qucev focuses on designing and manufacturing electric commercial vehicles, including:

• Electric trucks and tractors

• Buses and heavy-duty transport vehicles

• Three-wheelers and urban fleet vehicles

The company’s approach is holistic: it not only produces vehicles but also offers fleet financing, charging infrastructure support, and integrated fleet management solutions to ease the transition for commercial operators.

Unlike many EV startups that focus solely on passenger segments, Qucev is targeting the underserved commercial mobility market — an area ripe for electrification due to rising logistics demand and stringent emission regulations.

 Strategic Partnership With BYD

A cornerstone of Qucev’s technology roadmap is its collaboration with China’s electric vehicle giant BYD. Through this partnership, Qucev integrates BYD’s proven battery and powertrain technologies into its commercial EV lineup, enabling:

• Enhanced drive range and performance

• Improved reliability for heavy-duty applications

• Accelerated go-to-market capabilities

This strategic alliance helps Qucev bridge capability gaps while tailoring vehicles for Indian operating conditions — a key advantage in a competitive marketplace.

 Funding in Context: EVs and India’s Startup Momentum

Qucev’s funding comes amid a strong week for Indian startups — with the ecosystem raising a combined $363.9 million across 30 deals recently, including other EV plays and deeptech ventures.

The electric commercial vehicle segment in India is increasingly attracting capital as regulators and businesses prioritise decarbonisation, total cost of ownership savings, and fleet electrification — trends that are shaping transport and logistics investments nationwide.

 What the Series B Enables

The fresh capital enables Qucev to:

Scale manufacturing and capabilities — increasing production of trucks, buses, and commercial EVs. 
Expand charging and after-sales ecosystem — including financing, infrastructure roll-out, and service solutions. 
Accelerate product innovation — with future models optimized for utility fleets and enterprise clients. 
Enhance competitive positioning — against rivals such as Euler Motors, Altigreen, Tata Motors EV, and Mahindra Electric.

 Market Position and Competitive Landscape

Qucev operates in a competitive yet rapidly expanding electric commercial vehicle market. With peers like Euler Motors and Altigreen gaining traction, and incumbents like Tata and Mahindra transitioning to electric platforms, Qucev differentiates itself with its ecosystem view — where vehicle hardware, financing, charging, and fleet analytics form an integrated suite.

Such an approach not only supports fleet operators in their electrification journey but also creates recurring revenue opportunities as fleets scale.

 Challenges and Growth Considerations

Despite strong funding and strategic partnerships, Qucev’s financial filings for the fiscal year ending March 2025 show a modest revenue base (~Rs 2.7 crore) and a widening loss, reflecting the early stage of commercialization and investment in growth.

However, in capital-intensive sectors like commercial EVs, such investment is often a deliberate step toward scaling manufacturing and establishing market footholds — particularly given India’s increasing logistics and mobility demands.

 Conclusion: Driving Toward Sustainable Commercial Mobility

Qucev’s latest $15 million Series B funding round underscores investor confidence in the startup’s vision — not just as a vehicle manufacturer, but as an integrated partner for fleet electrification. By combining robust financing, charging infrastructure goals, and strategic technology partnerships, Qucev is well positioned to lead in India’s electrified commercial transport future.

As the country pushes toward stringent emission targets and fleet operators seek cost-effective electric solutions, Qucev’s growth story highlights how funding, innovation, and ecosystem thinking can drive meaningful impact in the EV landscape.