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CleanMax Enviro Energy attracts Rs.1,500-Cr from Temasek, Bain Capital, others in pre-IPO round

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Mumbai-based CleanMax Enviro Energy Solutions , a commercial and industrial renewable energy company, has raised about INR 1,500 crore, with Temasek Holdings and Bain Capital leading the funding round. Temasek and Bain Capital are expected to collectively hold close to a 10% stake in CleanMax following the transaction. They are allotted shares at INR 1,053 each.CleanMax is aiming to raise INR 5,200 crore through IPO, including the latest pre-IPO fundraising.Temasek, via its wholly owned subsidiary Jongsong Investments Pte Ltd, invested INR 760 crore - INR 297 crore in newly issued shares and INR 463 crore in secondary shares offered by existing shareholders. Bain Capital, through GSS India Opportunities AIF Scheme I, invested INR 350 crore in a secondary transaction.The pre-IPO placement has also attracted Steadview Capital (INR 140 crore), 360One (INR 50 crore), Steinberg India Emerging Opportunities Fund (INR 50 crore) and several family offices, including those of the Dalmia Group, Jaisinghani and Taparia families. Investments from family offices were routed through TrustGroup, led by Utpal Sheth, former chief of RARE Enterprises. Canadian investor Brookfield, an existing promoter, is expected to continue as a shareholder.Founded in 2010 by Kuldeep Jain, a former McKinsey & Co. partner, CleanMax has built a platform focused exclusively on the C&I (commercial and industrial) segment. It currently operates, owns and manages 2.54 gigawatts (GW) of renewable energy capacity, serving more than 500 customers.

Between May 2011 and Aug 2025, Clean Max Enviro Energy Solutions had attracted about USD 801 M from Bessemer, IFC, Warburg Pincus, UK Climate Investments, Augment Infrastructure, IFU, Brookfield, MGA Ventures, 360 ONE and others.For FY24, Clean Max Enviro Energy Solutions had reported about INR 1,390 Cr in Operating Income and about INR 38 Cr in Net Loss.