TI Clean Mobility Private Limited (TICMPL) has signed definitive documents with Multiples Private Equity Fund III (Multiples), State Bank of India (SBI), and other co-investors to raise up to Rs. 1950 Cr. in capital through equity and CCPS. Multiples, SBI, and other co-investors will invest a total of Rs. 1200 Cr., while TII’s total investment will be Rs. 750 Cr., of which Rs. 639 Cr. has already been invested through equity and ICD. TICMPL plans to raise an additional Rs. 1050 Cr. by March 2024, bringing the total fund raise to Rs. 3000 Cr.
TICMPL has introduced a passenger 3-wheeler electric vehicle, with sales expected to increase in the coming quarters. The company’s subsidiaries also design and develop electric tractors and heavy commercial vehicles.
TII Chairman, Arun Murugappan, stated that TICMPL’s focus on the productive segment of the electric vehicle industry, such as 3-wheelers, tractors, and heavy commercial vehicles, has received the necessary boost from esteemed investors such as Multiples and SBI to scale operations through organic and inorganic means. TII Executive Vice Chairman, S. Vellayan, added that the group’s experience in various segments, including auto components, vehicle finance, agribusiness, and motors, uniquely positions them to build a large EV native OEM and support India’s 30% EV penetration target by 2030. Multiples Founder, MD & CEO, Renuka Ramnath, expressed excitement in partnering with the Murugappa group in building India’s leading electric commercial vehicle OEM and building a strong brand with a differentiated customer proposition.