TI Clean Mobility, a wholly-owned subsidiary of Tube Investments of India Ltd, said it has signed a definitive agreement to raise ₹580 crore from GEF Capital Partners, through equity and compulsorily convertible preference shares.

This is part of TI Clean Mobility’s planned ₹3,000 crore fundraise for its electric vehicle (EV) venture. Of this, it has already raised around ₹2,530 crore, the firm said.

Tube Investments is a holding entity of the Murugappa group.

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

TICMPL makes passenger three-wheeler electric vehicles, and the company intends to expand its presence in the electric mobility market through both organic and inorganic means.

The fundraise will help the company scale its operations through acquisitions, and also aid capital expenditure of TICMPL and its subsidiaries.