TI Clean Mobility Private Limited (“TICMPL”), a subsidiary of Tube Investments of India Limited, has signed definitive documents today, with South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively GEF), to raise Rs 580 crore in the form of Equity and Compulsorily Convertible Preference Shares (“CCPS”).
As announced earlier, TICMPL planned to raise capital to the tune of Rs 3,000 crore, to fund its multiple verticals of electric vehicles. Upon closing of the proposed investment from GEF, the overall fund raising would aggregate to Rs 2,530 crore.
TICMPL, directly and through its subsidiaries, also sells electric Heavy Commercial Vehicles and is in the advanced stages of developing electric tractors and electric Small Commercial Vehicles which are expected to be launched in the coming quarters.
TICMPL is focused on creating EV native commercial vehicle platforms across 3-wheelers, tractors, and small and heavy commercial vehicles. It is a leader in the passenger 3-wheeler electric vehicle across South India and is currently building a pan-India presence.
TICMPL, directly and through its subsidiaries, also sells electric Heavy Commercial Vehicles and is in the advanced stages of developing electric tractors and electric Small Commercial Vehicles which are expected to be launched in the coming quarters.
Commenting on the above fundraising, S. Vellayan, Executive Vice Chairman, 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.”
Kotak Investment Banking acted as TICMPL’s exclusive financial advisor for this transaction.
