TI Clean Mobility completes fundraise for EV vertical

TI Clean Mobility completes fundraise for EV vertical

TL Clean Mobility Pvt Ltd (TICMPL) said it has raised a targeted fund of Rs 3,000 crore from Tube Investments of India Ltd (TII) and other investors to finance its various verticals of electric vehicles.

On Tuesday, the Murugappa Group company said in a filing that it has allotted 1,60,00,000 Series A2 compulsorily convertible preference shares amounting to Rs 160 crore to South Asia Growth Invest III LLC.

Earlier on June 20, the Tube Investments subsidiary had allotted 3,10,00,000 Series A3 compulsorily convertible preference shares and 50 equity shares worth ₹310 crore to Luxembourg specialist investment fund FCP-RAIF. It had raised ₹2,840 crore at that time.

TICMPL is currently focusing on building EV-native commercial vehicle platforms across 3-wheelers, tractors, small and heavy commercial vehicles. Three-wheelers and trucks have already been launched. Light commercial vehicles and tractors will be launched by August and November, respectively.

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