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TI Clean Mobility raising Rs 580 crore to expand its EV business

ISN Team
New Update
TI Clean Mobility

TI Clean Mobility Private Limited (TICMPL), a subsidiary of Tube Investments of India Limited (TII), has signed definitive documents with South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively "GEF") to raise approximately Rs 580 crore through equity and compulsorily convertible preference shares (CCPS).

The investment brings TICMPL's total fundraising to Rs 2,530 crore, inching closer to the company's plan to raise Rs 3,000 crore for its electric vehicle (EV) ventures.

What does ITCMPL do?

TICMPL is focused on creating native electric vehicle commercial platforms, including three-wheelers, tractors, and both small and heavy commercial vehicles. The company already leads the passenger three-wheeler electric vehicle market across South India and is expanding to establish a pan-India presence.


Additionally, TICMPL, directly and through its subsidiaries, sells electric heavy commercial vehicles and is currently developing electric tractors and electric small commercial vehicles, with launches expected in the coming quarters.

Leadership comments

Commenting on the fundraising, S. Vellayan, Executive Vice Chairman of TII, said, "GEF is renowned for their commitment to environmental stewardship, and their investment in TICMPL validates our vision and strengthens our resolve to provide cleaner commercial mobility solutions."

Sridhar Narayan, Co-Founder and Managing Partner of GEF Capital Partners LLC, said, "We're excited to partner with the Murugappa Group and invest in TI Clean Mobility - its differentiated platform targeting productive sub-segments with a strong focus on electrification. Led by industry veteran S. Vellayan and supported by a talented team, they've shown early success with their unique go-to-market strategy. We look forward to supporting them in shaping the future of clean mobility."

Kotak Investment Banking acted as TICMPL’s exclusive financial advisor for this transaction.