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TI Clean Mobility eyes $1 bn turnover in 4-5 years

Economic Times

Economic Times · 1m ago

TI Clean Mobility eyes $1 bn turnover in 4-5 years

TI Clean Mobility, part of the Murugappa Group, aims for a $1 billion turnover in 4-5 years, driven by accelerated electric vehicle launches. With plans for electric tractors and vehicles like tippers and ambulances, the firm targets significant growth. Managing Director Jalaj Gupta states that 50% of revenue should come from heavy commercial vehicles, with the rest from smaller segments. The company has already invested in multiple manufacturing units to support this expansion.

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

Livemint

Livemint · 1y ago

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

Tube Investments of India Ltd's subsidiary, TI Clean Mobility, has secured a definitive agreement to raise ₹580 crore from GEF Capital Partners for its electric vehicle (EV) venture. This investment is part of the planned ₹3,000 crore fundraise for TI Clean Mobility, with around ₹2,530 crore already raised. The funds will be used for expanding operations, making acquisitions, and supporting capital expenditure. TI Clean Mobility manufactures electric three-wheeler vehicles and aims to grow its presence in the electric mobility market.

Murugappa Group’s EV Arm TI Clean Mobility To Raise INR 580 Cr To Build EV Tractors

Inc42 · 1y ago

Murugappa Group’s EV Arm TI Clean Mobility To Raise INR 580 Cr To Build EV Tractors

TI Clean Mobility, the electric vehicle (EV) arm of Indian conglomerate Murugappa Group, has signed an agreement to raise ₹580 crore ($69.4 million) in a mix of equity and compulsorily convertible preference shares. The funds will be provided by private equity firm GEF Capital and used to scale up TI Clean Mobility's EV offerings and provide cleaner commercial mobility solutions. TI Clean Mobility focuses on manufacturing small and heavy commercial electric vehicles and plans to expand operations across India. The Indian EV market is projected to reach $110.74 billion by 2029.

BII backs Everest Fleet, TI Clean as India EV commitments top $300 mn

VCCircle

VCCircle · 8m ago

BII backs Everest Fleet, TI Clean as India EV commitments top $300 mn

UK development finance body, British International Investment (BII), has invested $33.5m in three Indian electric vehicle (EV) companies - Everest Fleet, TI Clean Mobility and Vecmocon. BII said the investments were part of its commitment to invest $1bn in climate-mitigating initiatives and green technologies in India. The funding will be used to expand the EV fleet managed by Everest Fleet, scale the manufacturing of low-carbon vehicles at TI Clean Mobility, and enhance R&D at Vecmocon to enter the commercial EV market. BII has now committed a total of $328m to India's EV sector.

Brookfield eyes tripling India assets to $100 bn in five years

VCCircle

VCCircle · 2m ago

Brookfield eyes tripling India assets to $100 bn in five years

Brookfield Asset Management plans to triple its India investments to $100 billion within five years, focusing on infrastructure, clean energy, and real estate. Having already invested $12 billion each in infrastructure assets and real estate, and $3 billion in clean energy projects, Brookfield sees India as a crucial beneficiary of global supply chain diversification. The firm will continue exploring opportunities in transport infrastructure, utilities, power generation, and various real estate sectors.

L’Oréal India seeks to amp up its online play, aims to become €1 bn business

Livemint

Livemint · 1y ago

L’Oréal India seeks to amp up its online play, aims to become €1 bn business

L'Oréal India aims to double its business in the next 3-4 years, reaching a target of Euro 1 billion. The company believes that despite the slowdown in the FMCG industry, they are shielded because they focus on the top-end segment in urban India. E-commerce is a major growth driver for L'Oréal, accounting for more than one fifth of its business in terms of value. The company expects the number of Indian consumers buying beauty products online to increase from 50 million to 150 million in the next 3-4 years. L'Oréal estimates that 50% of its growth in the next 4-5 years will come from e-commerce.

British International Investment to invest $33.5M in Indian EV startups

YourStory

YourStory · 8m ago

British International Investment to invest $33.5M in Indian EV startups

The UK's development finance institution, British International Investment (BII), has announced investment commitments of $33.5 million in India's electric vehicle (EV) sector. The funding includes debt financing for Everest Fleet to expand its EV fleet, equity investment in TI Clean Mobility for scaling its EV manufacturing capabilities, and equity commitment to Vecmocon for enhancing its research and development in the EV component manufacturing. BII has been actively investing in India's EV sector and aims to contribute to India's energy transition and decarbonization efforts. The investments align with BII's goal of investing up to $1 billion in climate-friendly initiatives and green technologies in India.

Investcorp eyes India AUM of $5 bn in five years

Livemint

Livemint · 1y ago

Investcorp eyes India AUM of $5 bn in five years

Investcorp, a global investor managing $50 billion in assets, plans to increase investment activity in India as it sets a goal to reach 5% of its global assets or $5 billion in the next five years. Currently, less than 2% of its assets under management is in India. Investcorp has already invested $800 million, including in real assets such as warehousing and edu-infra sectors, and is in the process of raising a new India-dedicated private equity fund. Despite ongoing conflicts worldwide, including the Gaza-Israel conflict, Investcorp remains optimistic about market stability. Source: Livemint

‘We want to partner banks to gain foothold in home loans’

Livemint

Livemint · 1y ago

‘We want to partner banks to gain foothold in home loans’

CreditAccess Grameen, India's largest microlender, is looking to diversify its asset base by increasing the share of non-microfinance loans. The CEO, Ganesh Narayanan, plans to raise the share of non-microfinance loans from 1% to 12-14% in the next 4-5 years by offering housing, unsecured business, and gold loans. The company also aims to adopt a co-lending model with banks to expand its share in housing loans. They expect to have a non-microfinance book of INR 6,000-7,000 crores within 4-5 years.

KfW's unit plans to double India investment to $1 bn

VCCircle

VCCircle · 10m ago

KfW's unit plans to double India investment to $1 bn

KfW's DEG unit, a subsidiary of German state lender KfW, intends to increase its investments in India to $1 billion over the next few years. The focus will be on energy and infrastructure projects, particularly in the renewable energy sector. DEG has already invested around $400 million in Indian companies. With India aiming to add 500 GW of clean energy by 2030, DEG plans to invest in renewable energy, green hydrogen, and power transmission projects. The lender sees India as an important market with a favorable investment environment.

Men’s fashion brand Snitch bags INR 110 Cr to sharpen offline play

Inc42 · 1y ago

Men's fashion brand Snitch has raised INR 110 Cr ($13.19 Mn) in a Series A funding round co-led by SWC Global and IvyCap Ventures. The Bengaluru-based D2C brand plans to use the investment to boost its talent and technology, as well as develop an offline retail strategy. Snitch achieved a turnover of over INR 100 Cr in FY23 and aims to achieve over 100% growth in FY24. The brand intends to open more than 100 offline stores across India within the next 4-5 years.

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