Tube Investments of India
“Chola Crest”, C54-55 & Super B-4, Thiru-Vi-Ka Industrial Estate, Guindy, Chennai, Tamil Nadu, 600032, India
Overview
Murugappa Group is one of India's leading business conglomerates. The Group has 28 businesses including nine listed Companies traded in NSE and BSE. The major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry Ltd., Parry Agro Industries Ltd., Parry Sugar industries Ltd, Shanthi Gears Ltd., Tube Investments of India Ltd., and Wendt Ltd.
- Total investments
- 1
- Lead investments
- 1
- Investments · 12mo
- 0
- Active investors
- 2
Sector focus
- Industrial Engineering
- Industrial Manufacturing
- Mechanical Engineering
Investment portfolio
- Aerostrovilos Energy
Led · Series A · Jul 2023
Founded in 2017 by IIT-Madras alumnus Rohit Grover, entrepreneur Pradeep Thangappan and professor Satya Chakravarthy, Aerostrovilos Energy is building two core products: a modular power-generation gas turbine and a turbine generator–based retrofit kit for heavy-duty trucks. The company’s proprietary, fuel-agnostic combustion technology originates from research conducted at IIT-Madras’s NCCRD lab and targets significantly lower NOx emissions than conventional systems. Aerostrovilos is collaborating with Ashok Leyland to integrate its turbines into trucks and is negotiating similar arrangements with EPC and power-generation OEMs, including early-stage trial orders from Japanese firms. The startup currently employs a 20-person R&D team and plans to add 50 staff across production, sales and service over the next two years. To date it has secured ₹3.9 crore (≈US$470 k) in equity funding, with ₹3.46 crore coming from Tube Investments of India and the remainder from angels via a 2020 convertible round. In addition, it has obtained non-dilutive grants totaling about ₹1.4 crore, led by a ₹1 crore grant from BPCL in 2018. Aerostrovilos is now seeking US$3 million in pre-Series A financing to complete product development and fulfill initial commercial orders.