TI Clean Mobility Secures ₹580 Crore Investment from GEF Capital Partners

TI Clean Mobility Pvt Ltd (TICMPL), the electric vehicle subsidiary of the Murugappa Group, has secured additional capital of ₹580 crore through an agreement with South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively referred to as GEF). The investment is a combination of equity and Compulsorily Convertible Preference Shares (CCPS), the company announced.

TICMPL, a subsidiary of Tube Investments of India Ltd, is in the process of raising ₹3,000 crore to support its expanding electric vehicle portfolio. With this latest funding round, the total capital raised by TICMPL will reach ₹2,530 crore, bringing the company closer to its fundraising goal.

"GEF's investment is a significant endorsement of our commitment to providing sustainable commercial mobility solutions," said S Vellayan, Executive Vice-Chairman of Tube Investments of India. "Their focus on environmental stewardship aligns with our mission to lead the electric vehicle market in India."

Sridhar Narayan, Co-Founder and Managing Partner of GEF Capital Partners LLC, expressed enthusiasm for the partnership, stating, "TI Clean Mobility has demonstrated early success in targeting specific sub-segments with a focus on electrification. We look forward to supporting their unique go-to-market strategy as they continue to expand."

TICMPL's electric vehicle strategy encompasses e-three-wheelers, e-tractors, electric medium, and commercial vehicles, in addition to electric small trucks through its subsidiary TIVolt Electric Vehicles. The company has already launched its passenger electric three-wheeler across South India and is in the process of building a nationwide presence.

Beyond existing products, TICMPL is in the advanced stages of developing electric tractors and electric small commercial vehicles, both of which are expected to launch in the coming quarters.

With this latest investment, TICMPL continues to strengthen its position in India's burgeoning electric vehicle market, providing innovative and eco-friendly solutions for commercial transportation.

HBL