Indian EV maker TI Clean Mobility raises $145m led by Multiples PE

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TI Clean Mobility, an electric vehicle (EV) subsidiary of engineering conglomerate Murugappa Group, has raised Rs 1,200 crore ($145.7 million), led by Multiples Asset Management (Multiples PE), per an announcement.

The funding comes in at a time when TI Clean Mobility is looking to ramp up sales of its recently launched passenger 3-wheeler EV.

“In line with our strategy of identifying big shifts and investing with category champions, we believe that TI Clean Mobility will build a strong brand with a differentiated customer proposition,” Renuka Ramnath, Founder, MD & CEO at Multiples PE, said in a statement.

This is not the first time Multiples is pumping in capital in the Rs 54,700 crore-Murugappa Group. The PE giant has earlier invested in Cholamandalam Investment and Finance Company that is one of the 29 businesses under the Murugappa Group.

“We are delighted to strengthen our relationship with the Murugappa Group after a successful Chola partnership in 2013,” said Ramnath.

The current $145.7-million funding in TI Clean Mobility is part of the company’s efforts to raise Rs 3,000 crore, a PTI report stated.

TI Clean Mobility is focused on the productive segment of the electric vehicle industry, which include 3-wheelers, tractors, and heavy commercial vehicles.

“The confidence reposed by investors such as Multiples and its co-investors will give TI Clean Mobility the necessary impetus to fulfil our ambition by scaling our operations through organic and inorganic means,” said Arun Murugappan, Chairman, TI Clean Mobility.

Multiples is a homegrown PE firm that has backed 29 Indian businesses so far since its inception in 2009. Sources earlier told DealStreetAsia that it is also in talks to ramp up its investment in Acko General Insurance Ltd as the insurance tech startup gears up to raise an ‘internal round’.

Its other portfolio companies include Arvind Fashions, Kogta Financial, and South Indian Bank, among others. In the new-economy sector, it has backed Indian unicorns Delhivery and Dream11.

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