TI Clean Mobility Pvt Ltd (TICMPL), the electric vehicle arm of Murugappa Group, has secured further capital of ₹580 crore from GEF Capital Partners. TICMPL, a subsidiary of Tube Investments of India Ltd (TII), finalized the deal with South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively referred to as GEF), marking a significant milestone in its journey towards sustainable transportation solutions.
With plans to raise a total of ₹3,000 crore to fuel its diverse verticals in electric vehicles, TICMPL’s current investment round brings the total fundraising amount to ₹2,530 crore upon completion, as stated in a company release.
S Vellayan, Executive Vice-Chairman of TII, expressed confidence in the partnership with GEF, highlighting their shared commitment to environmental stewardship and cleaner mobility solutions. He emphasized that the investment from GEF strengthens TICMPL’s determination to lead the transition towards sustainable transportation.
Sridhar Narayan, Co-Founder and Managing Partner of GEF Capital Partners LLC, commended TI Clean Mobility’s strategic approach to electrification, particularly in targeting key sub-segments within the electric vehicle market. He acknowledged TICMPL’s early success and unique go-to-market strategy, affirming GEF’s confidence in the company’s potential for growth and impact.
TICMPL’s focus extends across various electric vehicle segments, including e-three-wheelers, e-tractors, electric medium and commercial vehicles through IPLTech Electric, and electric small trucks via TIVolt Electric Vehicles.
The company has already introduced its passenger electric three-wheeler in South India and is actively expanding its presence nationwide. Additionally, TICMPL is progressing rapidly in the development of electric tractors and small commercial vehicles, with plans for their launch in the near future.
As the demand for sustainable transportation solutions continues to rise, TI Clean Mobility remains committed to driving innovation and leading the charge towards a greener, more efficient mobility ecosystem.
