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- TI Clean Mobility
TI Clean Mobility Funding, Investors & Competitors
TI Clean Mobility has raised $301M across 4 funding rounds, most recently a $37M undisclosed-stage round in June 2024.
Last TI Clean Mobility funding round
$37M
Undisclosed stage · Jun 2024
Cumulative funding TI Clean Mobility raised
$301M
across 4 funding rounds
Key investors in TI Clean Mobility
Multiples
M&G Investments
GEF Capital Partners
State Bank of India
About TI Clean Mobility
TI Clean Mobility Private Limited is a Chennai-based electric vehicle manufacturer producing three-wheelers for passenger transport and cargo delivery in India. It assembles battery-powered auto-rickshaws and last-mile vans under brands targeting urban mobility operators. Operating from facilities in Tamil Nadu, the subsidiary advances lithium-ion battery integration and fast-charging infrastructure for fleet electrification.
Founded
2022
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
TI Clean Mobility Funding History
TI Clean Mobility has raised a total of $301M across 4 funding rounds.
TI Clean Mobility's first fundraising round was a $146M undisclosed-stage round in March 2023. The most recent completed round was a $37M undisclosed-stage round in June 2024.
TI Clean Mobility funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jun 2024 | Undisclosed stage | M&G Investments (lead) | $37M | TI Clean Mobility Private Limited (TICMPL), a subsidiary of Tube Investments of India Ltd and part of the Murugappa Group, focuses on EV-native commercial vehicle platforms including electric three-wheelers, tractors, small commercial vehicles, and heavy commercial vehicles. It leads in the electric passenger three-wheeler segment in South India and is expanding nationally, with advanced development in electric tractors and small commercial vehicles. On June 5, 2024, TICMPL signed definitive agreements with M&G Investments to raise Rs 310 crore (approximately $37.1 million) through equity and compulsorily convertible preference shares (CCPS). M&G acted as the lead investor, with Kotak Investment Banking as the exclusive financial advisor. This Rs 310 crore investment brought TICMPL's total capital raised to Rs 2,840 crore, nearing its Rs 3,000 crore target to fund multiple EV verticals. The funds support scaling operations across EV segments, enhancing commercial mobility solutions, and promoting decarbonization of India's commercial vehicle fleets by reducing fossil fuel dependency. Statements from S Vellayan, Vice Chairman of TICMPL, and Praveg Patil, M&G’s Head for Asia Pacific Impact and Private Equity, highlighted the partnership's alignment with cleaner transportation and indigenous EV ecosystem development. Subsequently, TICMPL completed its fundraise with an additional Rs 160 crore from South Asia Growth III and South Asia EBT Trust III via CCPS, achieving the Rs 3,000 crore goal. Later developments include Tube Investments planning Rs 500-750 crore more investment to reach break-even, targeting cost improvements, distribution expansion, and product acceleration, amid Q3 FY26 losses of Rs 164.31 crore. |
| May 2024 | Undisclosed stage | GEF Capital Partners (lead) | $70M | TI Clean Mobility Private Limited (TICMPL), a wholly-owned subsidiary of Tube Investments of India (TII) from the Murugappa Group, focuses on developing EV-native commercial vehicle platforms including three-wheelers, tractors, small and heavy commercial vehicles. It leads in the passenger three-wheeler EV market in South India and is expanding pan-India, with initial ventures under the Montra Electric brand for last-mile mobility. On May 6, 2024, TICMPL signed definitive agreements to raise Rs 580 crore (approximately $69.5-69.6 million) in equity and compulsorily convertible preference shares from GEF Capital Partners (South Asia Growth Invest III LLC and South Asia EBT Trust III), bringing total fundraising to Rs 2,530 crore out of a planned Rs 3,000 crore for EV verticals. GEF Capital Partners, a climate-focused private equity firm, led the investment, with Kotak Investment Banking advising TICMPL. The funds support development of electric tractors, small commercial vehicles, and expansion in productive sub-segments with a go-to-market strategy emphasizing electrification. GEF's co-founder Sridhar Narayan highlighted TICMPL's early success and partnership with the Murugappa Group under Vellayan Subbiah. |
| Mar 2023 | Undisclosed stage | State Bank of India; Multiples | $49M | TI Clean Mobility Private Limited (TICMPL), a wholly-owned subsidiary of Tube Investments of India (TII) and part of the Murugappa Group, focuses on manufacturing electric three-wheelers, tractors, and heavy commercial vehicles. In February 2023, it announced plans to raise Rs 1,950 crore in equity and compulsorily convertible preference shares (CCPS) from TII, Multiples Private Equity Fund III, State Bank of India (SBI), and other co-investors, with external investors contributing up to Rs 1,200 crore and TII Rs 750 crore (including prior Rs 639 crore). This formed part of a larger Rs 3,000 crore fundraising, with an additional Rs 1,050 crore planned by March 2024. On March 28-30, 2023, matching the query's approximate date, Multiples invested Rs 266.66 crore (100 equity shares and 266,66,667 Series A1 CCPS), while SBI invested Rs 133.33 crore (133,33,333 Series A1 CCPS). Earlier in March, Multiples allotted Series A1 CCPS worth Rs 400 crore and TII Series B CCPS worth Rs 167 crore, bringing infused capital to Rs 817 crore by March 31, 2023. Definitive agreements for the balance Rs 675 crore (Rs 600 crore from Multiples and co-investors, Rs 75 crore from TII) were signed on May 5, 2023, fully tying up the Rs 1,950 crore plan. The funds aim to scale operations organically and inorganically in the productive EV segments. TICMPL had launched its passenger three-wheeler EV, with sales expected to ramp up. |
| Mar 2023 | Undisclosed stage | Multiples (lead) | $146M | TI Clean Mobility Private Limited (TICMPL), a wholly-owned subsidiary of Tube Investments of India Limited (TII) from the Murugappa Group, focuses on electric vehicles in productive segments including three-wheelers, tractors, and heavy commercial vehicles. It has launched a passenger three-wheeler electric vehicle under the Montra Electric brand and is developing electric tractors and small commercial vehicles through subsidiaries. In February 2023, TICMPL announced a Rs 1950 Cr capital infusion plan, with definitive agreements signed with Multiples Private Equity Funds, State Bank of India, and TII for up to Rs 1275 Cr, of which Rs 817 Cr was infused by March 2023 via equity and Compulsorily Convertible Preference Shares (CCPS). Multiples Alternate Asset Management, marking its entry into the EV sector, committed up to Rs 1200 Cr alongside co-investors, with Rs 600 Cr towards Series A1 CCPS infused in late March 2023, while TII invested Rs 167 Cr in Series B CCPS and earlier Rs 150 Cr in equity. This was part of the first tranche, followed by a second round in May 2023 for the remaining Rs 675 Cr (Rs 600 Cr from Multiples and co-investors, Rs 75 Cr from TII), fully tying up the Rs 1950 Cr plan. Investments approximate $145-150 million USD equivalents at the time. The funds support scaling operations through organic growth, acquisitions, and capital expenditure, including ICDs to subsidiaries like India Powertrain (Rs 50 Cr acquisition, Rs 50 Cr total ICDs). As of March 2023, TICMPL had 42 distributors and service centers. Later, in 2024, GEF Capital Partners invested Rs 5.8 billion, bringing total fundraising towards an initial Rs 30 billion target for EV verticals, advised by Kotak Investment Banking. |
Who has invested in TI Clean Mobility?
4 investors have backed TI Clean Mobility across its funding rounds, including Multiples, M&G Investments, GEF Capital Partners and State Bank of India.
Lead investors include M&G Investments, GEF Capital Partners and Multiples.
TI Clean Mobility Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Mar 2023 | ||
| 1 | Lead | May 2024 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by TI Clean Mobility
TI Clean Mobility has acquired 1 company to date.
Last acquisition by TI Clean Mobility was on July 19th 2022. TI Clean Mobility acquired IPL Tech Electric for $31M.
Latest Acquisitions by TI Clean Mobility
| Description | IPL Tech Electric is a Chennai-based designer and manufacturer of zero-emission electric vehicle powertrains for two-wheelers and three-wheelers. Founded in 2019, the company produces 10 kW hub motors, 72V lithium-ion battery packs, and BMS units assembled in a 50,000 sq ft facility. IPL supplies systems to OEMs like Okinawa Autotech, enabling 100 km range per charge, with deployments exceeding 20,000 units in India's urban fleets. |
| HQ Country | |
| HQ City | Faridabad |
| Deal Date | 19 Jul 2022 |
| Valuation | $31M |
| EV/Revenue | |
| EV/EBITDA | |
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Investments by TI Clean Mobility
TI Clean Mobility has invested in 1 company to date.
Latest investment by TI Clean Mobility was on July 3rd 2023. TI Clean Mobility invested in Jayem Automotives in their $25M Secondary round.
Latest Investments by TI Clean Mobility
| Description | Jayem Automotives is a Coimbatore, Tamil Nadu-based engineering firm designing, prototyping, testing, and manufacturing automotive parts like chassis components and suspension systems for clients including TVS Motor and Yamaha. |
| HQ Country | |
| HQ City | Coimbatore |
| Deal Date | 3 Jul 2023 |
| Round | Secondary |
| Raised | $25M |
| Investors | Anand Jayachandran |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
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TI Clean Mobility Competitors
TI Clean Mobility competitors include listed companies like Tesla, Tata Motors, Tata Motors Passenger Vehicles and XPENG, and private ones like GAC Aion and Tata Passenger Electric Mobility.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $95B | $10B | $1.4T | 13.8x | ||
| Publicly listed | $8.7B | $720M | $17B | 1.8x | ||
| Private | $2.5B | - | $15B | 6.0x | ||
| Publicly listed | $35B | $2B | $12B | 0.4x | ||
| Publicly listed | $11B | $156M | $10B | 1.0x | ||
| Private | - | - | $9.1B | - |
TI Clean Mobility Public Comps
TI Clean Mobility is still privately-owned, but its public comps include Tesla, Toyota, CATL, BYD, General Motors, Ferrari, Volvo, LG Energy Solution, PACCAR and Hyundai.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $95B | $10B | 15.0x | 13.8x | 140.8x | 97.4x | |||
| $326B | $49B | 1.3x | 1.3x | 8.8x | 11.4x | |||
| $63B | $16B | 2.8x | 2.1x | 11.0x | 9.2x | |||
| $120B | $18B | 0.9x | 0.9x | 6.3x | 5.8x | |||
| $185B | $15B | 1.0x | 1.0x | 12.1x | 8.5x | |||
| $8.2B | $3.2B | 9.0x | 8.5x | 23.4x | 21.9x | |||
| $49B | $7.1B | 1.9x | 1.7x | 12.8x | 11.4x | |||
| $17B | $3.4B | 4.8x | 3.9x | 24.1x | 22.2x | |||
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Common questions about TI Clean Mobility
| When was TI Clean Mobility founded? | TI Clean Mobility was founded in 2022. |
| Where is TI Clean Mobility headquartered? | TI Clean Mobility is headquartered in Chennai, India. |
| Is TI Clean Mobility publicly listed? | No, TI Clean Mobility is a private, VC-backed company. |
| How much funding has TI Clean Mobility raised? | TI Clean Mobility has raised $301M across 4 funding rounds. |
| What was TI Clean Mobility's last funding round? | TI Clean Mobility's last funding round was a $37M undisclosed-stage round in June 2024, led by M&G Investments. |
| Who are TI Clean Mobility's investors? | TI Clean Mobility's investors include Multiples, GEF Capital Partners, M&G Investments and State Bank of India. |
| Which companies are comparable to TI Clean Mobility? | Companies comparable to TI Clean Mobility include Tesla, Tata Motors, GAC Aion, Tata Motors Passenger Vehicles, XPENG and Tata Passenger Electric Mobility. |
| How many companies has TI Clean Mobility acquired? | TI Clean Mobility has acquired 1 company, including IPL Tech Electric. |
| What was the largest acquisition by TI Clean Mobility? | The $31M acquisition of IPL Tech Electric in July 2022 is the largest acquisition TI Clean Mobility has made to date. |
| How many companies has TI Clean Mobility invested in? | TI Clean Mobility has invested in 1 company, including Jayem Automotives. |
| What was TI Clean Mobility's last investment? | In July 2023, TI Clean Mobility invested in Jayem Automotives' $25M secondary sale alongside Anand Jayachandran. |
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