The company had planned to raise a capital of Rs 3,000 crore to support its various electric vehicle business verticals. The latest round of funding, announced on Wednesday, involves equity and compulsorily convertible preference shares, as confirmed by the agreements signed on June 5.

We are happy to announce the participation of M&G in providing an impetus to our commitment to delivering EV solutions for commercial mobility. Together, we stride towards a cleaner future and smarter transportation, said S. Vellayan, Vice Chairman of TI Clean Mobility Pvt Ltd.

TI Clean Mobility offers a range of heavy commercial vehicles and is in the advanced stages of developing electric tractors and electric small commercial vehicles.

Praveg Patil, Head of Asia Pacific at M&G, expressed enthusiasm about the investment, stating, M&G is pleased to invest in one of India's fastest-growing commercial electric vehicle manufacturers, TI Clean Mobility, part of the Murugappa Group. We are excited by the potential of this investment to reduce fossil fuel dependency and decarbonize substantial parts of India's commercial vehicle fleets.

Kotak Investment Banking served as the exclusive financial advisor for this transaction.