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TI Clean Mobility secures INR 580 crore investment for EV expansion

On May 6, 2024, TI Clean Mobility Pvt Ltd (TICMPL), the electric vehicle arm of Murugappa Group’s Tube Investments of India Limited (TII), has secured a capital infusion of INR 580 crore through equity and Compulsorily Convertible Preference Shares (CCPS) from South Asia Growth Invest III LLC and South Asia EBT Trust III (GEF).

This investment is part of TICMPL’s larger plan to raise INR 3,000 crore to support its various electric vehicle initiatives. According to a company statement, this round brings TICMPL’s total funds raised to INR 2,530 crore. Kotak Investment Banking acted as TICMPL’s exclusive financial advisor for this transaction.

Commenting on the above fund raising, Mr. 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.”

On its investment into TICMPL, 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.”

TICMPL, operating under the brand Montra Electric, concentrates on electric three-wheelers, tractors, medium and commercial vehicles (via subsidiary IPLTech Electric Private Limited), and small trucks (via subsidiary Tivolt Electric Vehicles). It has already introduced its passenger electric 3-wheeler in South India and aims to expand nationwide.

Also read: Murugappa group company TI Clean Mobility to raise INR 3000 crore for its EV platform

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