In Short:
TI Clean Mobility Pvt Ltd, a subsidiary of Murugappa Group, is raising ₹580 crore from GEF to fund its electric vehicle verticals. With a total funding target of ₹3,000 crore, the current investment round will bring the total to ₹2,530 crore. TICMPL is focusing on e-three-wheelers, electric tractors, and small commercial vehicles, with a strong emphasis on electrification and environmentally-friendly mobility solutions.
Murugappa Group’s EV Arm Raises ₹580 Crore to Fuel Clean Mobility Solutions
Exciting news alert! TI Clean Mobility Pvt Ltd (TICMPL), the electric vehicle arm of Murugappa Group, has recently inked a deal with South Asia Growth Invest III LLC and South Asia EBT Trust III (together known as GEF) to secure a whopping ₹580 crore in funding. This funding includes equity and CCPS (Compulsorily Convertible Preference Shares) and sets the stage for TICMPL to accelerate its mission towards cleaner commercial mobility.
Commitment to Environment
S Vellayan, Executive Vice-Chairman of Tube Investments of India Ltd, expressed his excitement about the partnership, stating, “GEF is renowned for their commitment to environmental stewardship and their investment in TICMPL strengthens our resolve to provide cleaner commercial mobility solutions.”
GEF Capital Partners LLC, represented by Co-Founder and Managing Partner Sridhar Narayan, also shared their enthusiasm for TICMPL’s innovative approach, emphasizing, “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.”
Driving Innovation in Electric Mobility
On the forefront of electric mobility, TICMPL is focusing on revolutionizing e-three-wheelers, e-tractors, electric medium, and commercial vehicles (through IPLTech Electric) as well as electric small trucks (through TIVolt Electric Vehicles).
Already making waves in South India with its passenger electric 3-wheeler, TICMPL is gearing up to expand its presence across the nation. Additionally, the company is in the final stages of developing electric tractors and small commercial vehicles, set to be launched in the near future. Stay tuned for these exciting developments!
