Tl Clean Mobility Pvt. Ltd. (TICMPL) said it had raised the targeted fund of ₹3,000 crore from Tube Investments of India Ltd. (TII) and other investors to fund its multiple verticals of electric vehicles.
On Tuesday, the Murugappa group firm said in a filing it allotted 1,60,00,000 Series A2 Compulsorily Convertible Preference Shares to South Asia Growth lnvest lll LLC amounting to ₹160 crore.
Prior to that on June 20, the Tube Investments subsidiary had allotted 3,10,00,000 Series A3 Compulsorily Convertible Preference Shares & 50 equity shares to Luxembourg Specialist lnvestment Fund FCP-RAIF of ₹310 crore. At that time, it had raised ₹2,840 crore.
TICMPL is currently focused on creating 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 rolled out by August and November respectively.
