Murugappa Group’s Next EV Move: E-Rickshaws on the Way After ₹3,000 Cr Investment

Key Highlights

• ₹3,000 crore invested in electric mobility so far.

• Entry into the e-rickshaw market before the year-end.

• Operations across four commercial EV platforms.

• 117 electric three-wheeler dealerships nationwide.

• North and East India remain the primary focus regions.

The Murugappa Group’s electric mobility arm, TI Clean Mobility, is set to enter the electric rickshaw (e-rickshaw) market in India, with a launch planned before the end of the current calendar year. The group has already invested nearly ₹3,000 crore in electric vehicle development and plans to continue investing over the next two to three years as it expands its presence across multiple EV segments.

Speaking at a dealership inauguration event, Arun Murugappan, Executive Chairman of TI Clean Mobility and Tube Investments of India Limited, said the company remains confident about the long-term potential of electric mobility, even though the business is still at an early stage.

₹3,000 Crore Invested Across Multiple EV Segments

TI Clean Mobility has invested close to ₹3,000 crore in its electric mobility business so far. According to Murugappan, the group will deploy additional capital whenever required to support growth and scale.

The company currently operates across four electric vehicle platforms:

• Small commercial vehicles

• Electric three-wheelers

• Electric tractors

• Heavy electric trucks

Manufacturing facilities for these platforms are already operational, with plants located in Chennai and Manesar, among other locations.

Different Go-to-Market Strategies Across Businesses

TI Clean Mobility follows different market approaches for its EV businesses. The electric tractor and heavy truck segments mainly operate under a B2B model, while small commercial vehicles and three-wheelers are sold through a B2C dealership-led network.

Due to these varied strategies, the company does not track a single number for customer touchpoints across all businesses. Dealership expansion is mainly relevant for the small commercial vehicle and three-wheeler segments.

117 Three-Wheeler Dealerships, Focus on North India

Under its electric three-wheeler brand Montra Electric (e-3W), TI Clean Mobility has rapidly expanded its retail network.

As per Jalaj Gupta, Managing Director of TI Clean Mobility, the company now operates 117 electric three-wheeler dealerships across India. This includes:

• 30 dealerships in North India

• 6 dealerships in the Delhi NCR region

North India remains a key focus area, with states like Uttar Pradesh and Bihar identified as major three-wheeler markets. The company plans to continue expanding its dealership network in these regions.

E-Rickshaw Entry Confirmed, North and East India in Focus

TI Clean Mobility has officially confirmed its entry into the e-rickshaw segment. According to Deependra Sharma, CEO of e-3W Montra Electric, the product has been under development for some time, but the company delayed its launch due to the lack of regulation in the segment.

The e-rickshaw market is considered one of the most unorganised EV segments in India, and the company waited for clearer norms before proceeding.

The initial launch will focus on North and East India, where e-rickshaws play a major role in last-mile passenger transport. Uttar Pradesh, Bihar, Rajasthan and the Delhi NCR region together account for most of the country’s e-rickshaw volumes.

In contrast, e-rickshaws have a very limited presence in southern states, a trend the company does not expect to change significantly in the near future.

Vehicle Financing Remains a Key Challenge

Despite the Murugappa Group’s strong financial position, access to vehicle financing continues to be a challenge across all commercial EV segments.

Gupta noted that EV technology is still evolving, and lenders are taking time to gain confidence. TI Clean Mobility has partnered with multiple financial institutions to support customers, but financing remains a broader industry issue.

The company expects financing challenges to gradually ease as regulatory clarity improves and real-world vehicle performance data becomes more available, which should help drive wider adoption of electric commercial vehicles in the coming years.

Also Read: SWITCH Mobility Deploys 272 Electric Buses in Delhi Under CESL Tender

CMV360 says

TI Clean Mobility’s planned entry into the e-rickshaw segment marks a key step in Murugappa Group’s electric mobility expansion. With nearly ₹3,000 crore already invested, the company is strengthening its presence across multiple commercial EV platforms. A clear focus on North and East India, growing dealership reach, and improving financing support position TI Clean Mobility for steady growth as India’s EV ecosystem matures.