Murugappa’s TI Clean Mobility to Enter E‑Rickshaw Market, Investment Crosses ₹3,000 Cr

The Murugappa Group’s electric mobility arm TI Clean Mobility, has already invested close to Rs 3,000 crore into electric vehicles and will continue to deploy capital as required over the next two to three years, as it builds scale across multiple commercial EV segments.

Speaking on the sidelines of a dealership inauguration, Arun Murugappan, Executive Chairman of TI Clean Mobility and Tube Investments of India Limited, said the group remains committed to expanding its electric vehicle footprint beyond the platforms already under development.

“We have invested around Rs 3,000 crore in the electric mobility business so far. Going forward, as and when required, we will continue to invest,” Murugappan said, adding that the group is confident about the long-term opportunity despite the business being at a relatively early stage.

TI Clean Mobility currently operates across four electric platforms spanning small commercial vehicles, three-wheelers, tractors and heavy trucks. Manufacturing facilities for these platforms are already in place, with plants in locations such as Chennai and Manesar.

However, the company has adopted different go-to-market strategies across these businesses. While the tractor and heavy truck verticals are largely B2B-focused, the small commercial vehicle and three-wheeler segments follow a B2C dealership-led model.

“This makes it difficult to put one number on touchpoints across all four businesses,” Murugappan noted, explaining that dealership expansion is relevant mainly for the small commercial vehicle and three-wheeler operations.

117 Outlets, NCR & UP Priority 

In electric three-wheelers, Tivolt Electric Vehicles Private Limited, a subsidiary of TI Clean Mobility, has been expanding its retail footprint rapidly.

According to Jalaj Gupta, Managing Director, TI Clean Mobility, the company has now reached 117 three-wheeler dealerships across India, including 30 in North India and six in the Delhi NCR region.

“North India is one of the biggest three-wheeler markets in the country. States like Uttar Pradesh and Bihar are extremely important for us, and dealership expansion in these regions will continue,” Gupta said.

E-rickshaw Entry Confirmed, South to Remain Limited 

Both Gupta and Saju Nair, CEO of Tivolt Electric Vehicles, confirmed that the group will enter the electric rickshaw segment, with a market launch expected before the end of the current calendar year.

The product has been under development for some time, but the company chose to delay its entry into the segment. “It is one of the most unregulated and unorganised EV markets in the country. We waited for clearer norms before taking the decision,” Nair said.

The initial focus will be on North and East India, where e-rickshaws dominate last-mile passenger mobility. Uttar Pradesh, Bihar, Rajasthan and the Delhi NCR region together account for the bulk of India’s e-rickshaw volumes. In contrast, the segment has negligible presence in southern states, a trend the company does not expect to change materially in the near term.

Finance Remains a Bottleneck for Commercial EVs

Despite the Murugappa Group’s strong balance sheet and credibility, access to vehicle finance remains a challenge across commercial EV segments, executives acknowledged.

“Availability of finance continues to be a challenge across all four businesses. This is not unique to us. EV technology is still new, and lenders are taking time to get comfortable,” Gupta said, adding that the group has tied up with multiple financial institutions across its businesses.

As regulatory clarity improves and vehicle performance data builds up, TI Clean Mobility expects financing constraints to ease gradually, supporting faster adoption across its electric commercial vehicle portfolio.