The pre-IPO placement has also attracted Steadview Capital, 360One, Steinberg India Emerging Opportunities Fund and several family offices, including those of the Dalmia group, Jaisinghani and Taparia families, these people said. Investments from family offices were routed through TrustGroup, led by Utpal Sheth, former chief of RARE Enterprises.
CleanMax did not respond to queries.
The company has received regulatory approval for its updated draft red herring prospectus, clearing the way for its IPO later this month. It is aiming to raise Rs 5,200 crore, including the pre-IPO fundraising of Rs 1,500 crore.
Temasek and Bain Capital are expected to collectively hold close to a 10% stake in CleanMax following the transaction, the people said. They are allotted shares at Rs 1,053 each, an executive close to the matter said, adding: “This reflects confidence in the company’s scale, contracted pipeline and long-term growth visibility ahead 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.