Murugappa Group’s electric vehicle arm TI Clean Mobility Pvt Ltd (TICMPL) has signed definitive documents with South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively referred to as GEF) to raise further capital of ₹580 crore by way of equity and CCPS (Compulsorily Convertible Preference Shares).

TICMPL, a subsidiary of Tube Investments of India Ltd, had indicated its plans to raise capital to the tune of ₹3,000 crore to fund its multiple verticals of electric vehicles. Upon closing of the current investment round, the overall fund raising would aggregate to ₹2,530 crore, according to a company statement.

“GEF is renowned for their commitment to environmental stewardship and their investment in TICMPL strengthens our resolve to provide cleaner commercial mobility solutions,” said S Vellayan, Executive Vice-Chairman, TII.

“TI Clean Mobility is targeting productive sub-segments with a strong focus on electrification. The company has shown early success with their unique go-to-market strategy,” said Sridhar Narayan, Co-Founder and Managing Partner of GEF Capital Partners LLC.

Passenger e3Ws

TICMPL is focusing on e-three-wheelers, e-tractors, electric medium, and commercial vehicles (through its subsidiary IPLTech Electric), and electric small trucks (through its subsidiary TIVolt Electric Vehicles).

It has already launched its passenger electric 3-wheeler across South India and is currently building a pan-India presence.

The company is also in the advanced stages of developing electric tractors and electric small commercial vehicles, which are expected to be launched in the coming quarters.