With South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively, GEF), TI Clean Mobility Private Limited (“TICMPL”) has signed final documents to raise Rs 580 crore in the form of equity and compulsorily convertible preference shares (“CCPS”).
As previously disclosed, TICMPL intended to raise Rs 3,000 crore in financing to finance its various electric vehicle segments. After the projected GEF investment closes, a total of Rs 2,530 crore would have been raised.
In addition to selling electric heavy commercial vehicles directly and through its subsidiaries, TICMPL is working hard to produce electric tractors and electric small commercial vehicles, which should be released in the upcoming quarters.
The goal of TICMPL is to develop EV-native platforms for tractors, small and large commercial vehicles, and three-wheelers. It is currently expanding throughout India and leads the passenger three-wheeler electric car market in South India.
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.