Murugappa Group’s EV arm raises new funds from GEF Capital

This is portion of TI Clean Mobility’s planned ₹3,000 crore fundraise for its electrical conveyance (EV) venture. Of this, it has already raised astir ₹2,530 crore, the steadfast said connected Monday.

Tube Investments is simply a holding entity of the Murugappa group.

In February 2023, Tube Investments (TII), State Bank of India, Multiples Private Equity Fund III, and different co-investors said they had invested ₹1,950 crore successful Tl Clean Mobility (TICMPL).

TICMPL makes rider three-wheeler electrical vehicles, and the institution intends to grow its beingness successful the electrical mobility marketplace done some integrated and inorganic means. 

The fundraise volition assistance the institution standard its operations done acquisitions, and besides assistance superior expenditure of TICMPL and its subsidiaries.

Last year, TICMPL incorporated a wholly-owned subsidiary, Tivolt Electric Vehicles Pvt. Ltd, to broaden its merchandise portfolio successful electrical vehicles.

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Published: 06 May 2024, 08:02 PM IST