PMI Electro Mobility Solutions, a major electric bus manufacturer in India, has secured a strategic investment of Rs 250 crore from Piramal Alternatives, the fund management arm of the Piramal Group. The funding comes from the Performing Credit Fund (PCF), a fund of Piramal Alternatives that supports the capital needs of mid-market companies.
PMI Electro Mobility has received its first investment from PCF in the form of convertible securities. The company intends to use these funds to develop innovative solutions, enhance its technological capabilities, and expand its operations.
Dr Aanchal Jain, CEO of PMI Electro Mobility, emphasized the increased demand for electric buses, aligning with the government’s net-zero emissions goals and the PM eBus Sewa scheme.
With an order book of 2,500 buses set to grow, Piramal Alternatives’ investment will boost technological capabilities and contribute to long-term growth.
Kalpesh Kikani, CEO of Piramal Alternatives, highlighted the focus on sustainable financing and expressed their commitment to driving green mobility efforts in India’s evolving e-bus sector.
This partnership aims to create a positive, long-term impact while considering environmental, social, and governance factors.