CleanMax Enviro Strength Solutions, a industrial and industrial renewable vitality company, has raised about Rs 1,500 crore forward of an initial public offering, with Temasek Holdings and Bain Capital leading the funding round, folks conclude to the come acknowledged. The funding underscores sturdy global institutional bustle for meals for India’s rapid-rising corporate renewable vitality market.
The pre-IPO placement has additionally attracted Steadview Capital, 360One, Steinberg India Emerging Alternatives Fund and loads of different household offices, along side these of the Dalmia neighborhood, Jaisinghani and Taparia families, these folks acknowledged. Investments from household offices were routed through TrustGroup, led by Utpal Sheth, historical chief of RARE Enterprises.
CleanMax didn’t respond to queries.
The company has obtained regulatory approval for its up to this point draft red herring prospectus, clearing the blueprint for its IPO later this month. It’s miles aiming to elevate Rs 5,200 crore, along side the pre-IPO fundraising of Rs 1,500 crore.
Temasek and Bain Capital are anticipated to collectively effect conclude to a 10% stake in CleanMax following the transaction, the oldsters acknowledged. They’re disbursed shares at Rs 1,053 every, an government conclude to the topic acknowledged, along side: “This shows self assurance in the company’s scale, lowered in size pipeline and long-time interval allege visibility forward of its IPO.”
Singapore government-owned Temasek, via its wholly owned subsidiary Jongsong Investments Pte Ltd, invested Rs 760 crore—Rs 297 crore in newly issued shares and Rs 463 crore in secondary shares offered by existing shareholders.
Private investment firm Bain Capital, through GSS India Opportunities AIF Scheme I managed by Bain Capital Advisors (India) Pvt Ltd, invested Rs 350 crore in a secondary transaction. Steadview Capital (Rs 140 crore), Steinberg India Emerging Opportunities Fund (Rs 50 crore) and 360One with (Rs 50 crore) also invested via secondary deals.
Canadian investor Brookfield, an existing promoter, is expected to continue as a shareholder.
Founded in 2010 by Kuldeep Jain, a former McKinsey & Co partner and IIM-Ahmedabad alumnus, CleanMax has built a platform focused exclusively on the C&I (commercial and industrial) segment. According to a Crisil report, the company was India’s largest C&I renewable energy provider as of March 31, 2025.
CleanMax currently operates, owns and manages 2.54 gigawatts (GW) of renewable energy capacity. As of July 31, 2025, it also had 2.53 GW of contracted capacity under execution. It serves more than 500 customers, as per its prospectus.
A key growth driver for CleanMax is surging demand for renewable energy from data centres and artificial intelligence-led digital infrastructure. Nearly 40% of its portfolio caters to global technology majors such as Apple, Google, Amazon, Meta and Equinix. As India emerges as a key data centre hub, demand for reliable, round-the-clock renewable power is expected to accelerate sharply.
The company’s other customers include UltraTech Cement, Bajaj Auto, Bangalore International Airport, BASF India, Concord Biotech, Grasim Industries and Sona Comstar. CleanMax has also joint ventures with Apple Inc, Osaka Gas and Toyota Tsusho.
