TI Clean Mobility Private Limited announce that it has entered into Securities Subscription Agreement and Shareholders' Agreement with returning investor Tube Investments of India Limited; new investors Multiples Private Equity Fund III, a fund managed by Multiples Alternate Asset Management Private Limited, State Bank of India, and others for issuing equity shares, Series A1 Compulsorily Convertible Preference Shares, and Series B Compulsorily Convertible Preference Shares for gross proceeds of INR 10,250,001,800 on February 24, 2023. The transaction will be led by Multiples Private Equity Fund III, a fund managed by Multiples Alternate Asset Management Private Limited subscribing for 40,000,000 Series A1 Preference Shares for gross proceed of INR 4,000,000,000; and will involve participation from State Bank of India for 20,000,000 Series A1 Preference Shares for gross proceed of INR 2,000,000,000; Tube Investments of India Limited for 42,500,000 Series B Compulsorily Convertible Preference Shares for gross proceed of INR 4,250,000,000, and other investors for 100 shares for INR 1,800.

On the same date, the company received INR 6,390,000,000 in its first tranche. Tube Investments of India Limited subscribed for equity shares worth INR 2,500,000,000 and Series B Compulsorily Convertible Preference Shares worth INR 3,890,000,000 in the form of Inter-Corporate deposit. The company expects to raise INR 10,500,000,000 and close the transaction by March 2024, bringing the funding till date to INR 30,000,000,000.