EV Manufacturer Qucev Raises USD 15 Mn Series B Round Led by Singularity AMC Other participants in the round include Lotus Family Trust, Volrado Venture Partners, Anchorage Capital, Param Capital, S Gupta Family Investments, angel investors, and the company's founder.
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Electric commercial vehicle startup Qucev has raised INR 131.25 crore (around USD 15 million) in a Series B funding round led by existing investor Singularity AMC.
Other participants in the round include Lotus Family Trust, Volrado Venture Partners, Anchorage Capital, Param Capital, S Gupta Family Investments, angel investors, and the company's founder.
As per regulatory filings with the RoC made in September 2025, Qucev issued 4,467,375 Series B compulsorily convertible preference shares at an issue price of INR 293.8 per share to raise the capital.
Singularity AMC led the tranche with an investment of INR 25.76 crore, followed by Lotus Family Trust, which invested INR 18.5 crore. Anchorage Capital, Volrado Venture Partners, Param Capital, and S Gupta Family Investments each contributed INR 17.98 crore. The remaining amount came from other investors, including angels Lakshay Singhal and Anubhav Gupta, along with founder Naresh Kumar Rawal.
Rawal also invested around INR 22.3 crore in the company. He is the former managing director and CEO of electric bus manufacturer Olectra Greentech.
According to startup data intelligence platform TheKredible, Qucev had earlier raised close to USD 4 million from Singularity AMC, Barclays, and Maa Creations.
Founded in 2022 by Naresh Rawal, Qucev partners with China based electric vehicle manufacturer BYD and focuses on designing and manufacturing electric tractors, trucks, buses, and three wheelers. The company also provides related services such as financing, charging infrastructure, and fleet solutions.
Financial data from Tracxn shows Qucev reported revenue of INR 2.7 crore in FY25 compared to INR 200 lakh in the previous year. Its losses widened to INR 9.4 crore in FY25 from INR 3.7 crore in FY24.
Qucev operates in a competitive market alongside startups such as Euler Motors and Altigreen, as well as established players including Mahindra Electric, Piaggio, Kinetic Green, and Tata.
