Education lending fintech platform Credence has invested $4 million in 3ev — an electric vehicle startup and its parent company 3eco Systems’– in a pre-series A funding round. Out of the total funds raised, $2.5 million have been invested in 3ev, with $1.5 million being raised for 3eco.

Executive director Nitesh Arora, Credence said, “The EV market is still in its infancy and wishes for a built-in method to drive market acceptance. 3ev and 3eco have made long strides in standardising their services with optimistic buyer suggestions, market penetration, and regular development.”

According to a report by Indospace and Colliers, India’s EV industry is estimated to witness investments up to $12.6 billion across the automotive value chain in the next five years.

With few family offices and investors participating in the funding round, the raised funds will be used to expand capacity and add fleets in 3Ev, along with expanding the 3eco ecosystem. The startup plans to raise Series A funding in the next six months. 

Founded in 2019, Bengaluru-based 3ev producers customise EVs primarily based on the purchasers’ suggestions. The company repurchases autos after five years for refurbishment, reallocation, and redeployment. 3eco provides app-based hyper-local mobility services to organisations across various industries.