With participation from Lotus Family Trust, Volrado Venture Partners, Anchorage Capital, and other investors, the electric commercial vehicle company Qucev has received Rs 131.25 crore (about $15 million) in a Series B round led by current investor Singularity AMC.
Key Highlights
- EV commercial vehicle startup Qucev raised $15 million in a Series B round led by Singularity AMC.
- Funding saw participation from Lotus Family Trust, Volrado Venture Partners, Anchorage Capital, and other investors.
In order to raise the specified sum, Qucev's board issued 4,467,375 Series B compulsorily convertible preference shares at an issue price of Rs 293.8 per share, according to its regulatory filing with the Registrar of Companies (RoC) in September 2025.
Lotus Family Trust contributed Rs 18.5 crore, while Singularity AMC led the tranche with an investment of Rs 25.76 crore, or about $3 million. Rs 17.98 crore was invested by Anchorage Capital, Volrado Venture Partners, Param Capital, and S Gupta Family Investments. Other investors, including the company's creator Naresh Rawal and angel investors Lakshay Singhal and Anubhav Gupta, provided the remaining sum.
Study indicates that the company's current post-money valuation is around Rs 538 crore, or $61 million.
Qucev, a next-generation electric commercial vehicle firm founded in 2022 by Naresh Rawal in collaboration with BYD, a Chinese EV manufacturer, designs and produces electric tractors, trucks, buses, and three-wheelers with an emphasis on economical and sustainable mobility. Qucev provides fleet solutions, financing, and infrastructure for charging in addition to manufacturing and sales.
Also Read: Swizzle Bags Rs 2Cr Funding After Strong Investor Backing on Ideabaaz
Qucev has already raised about $4 million from Singularity AMC, Barclays, and Maa Creations, according to startup data intelligence platform TheKredible.
The company made Rs 2.08 crore from the sale of services during the fiscal year that ended in March 2025, but it did not declare any product sales. It recorded a loss of Rs 9.35 crore within the same time frame.
In addition to well-known brands like Mahindra Electric, Piaggio, Kinetic Green, Tata, and others, Qucev faces competition from companies like Euler Motors and Altigreen.
