TI Clean Mobility raises INR 580 cr from GEF for EV ventures

New Delhi: TI Clean Mobility Pvt. Ltd. (TICMPL), a subsidiary of Tube Investments of India, has raised INR 580 crore from South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively GEF), the company said on Monday.

The company said that it has signed definitive documents on May 6, 2024 in the form of Equity and Compulsorily Convertible Preference Shares (CCPS) for which Kotak Investment Banking acted as its exclusive financial advisor.

“The proposed fund-raising by TICMPL will help scale up its operations and of its subsidiaries,” the company said. Tll holds INR 25 crore equity shares of face value of INR 101 each and INR 5 crore Series B CCPS of face value of INR 100 each in TICMPL.

TICMPL had earlier announced its plan to raise capital to the tune of INR 3,000 crore to fund its multiple verticals of electric vehicles. Upon closing of the proposed investment from GEF, the overall fundraising would be INR 2,530 crore, the company said in a regulatory filing.

TICMPL is focused on creating EV native commercial vehicle platforms across 3 wheelers, tractors, small and heavy commercial vehicles. It is already present in the passenger 3-wheeler electric vehicle across South India and is currently building a pan-India presence.

TICMPL, directly and through its subsidiaries, also sells electric heavy commercial vehicles and is in advanced stages of developing electric tractors and electric small commercial vehicles which are expected to be launched in the coming quarters.