PMI Electro Mobility Solutions Pvt. Ltd., a leading manufacturer of electric buses in India, has raised ₹250 crore in strategic investment from a consortium led by Authum Investment & Infrastructure Limited, Antique Securities, and high-net-worth individuals (HNI) family offices, along with Nikhil Kamath-backed Gruhas. The investment, secured through a preferential allotment of equity shares, underscores growing investor confidence in PMI’s vision and its role in shaping the future of sustainable transportation in India.
Fueling Growth in India’s EV Sector
With an order book exceeding 3,000 electric buses, the fresh capital will propel PMI’s expansion plans, including:
Enhancing production capabilities with cutting-edge technology.
Scaling operations to strengthen its footprint in India’s evolving EV sector.
Developing innovative solutions for electric public transport.
Since its inception in 2017, PMI has achieved a milestone of over 20 crore electric kilometers (e-kms), operating a fleet of 2,000 electric buses across 31 cities—from the rugged terrains of Leh to the humid landscapes of South India. The company plans to expand its fleet to over 5,000 buses in the next two years, further solidifying its position in India’s green mobility revolution.
Leaders Speak on the Strategic Investment
Welcoming the investment, Dr. Aanchal Jain, CEO, PMI Electro Mobility, stated:
“We are thrilled to welcome Authum, Antique Securities, and Gruhas as strategic partners in revolutionizing sustainable transportation in India. This second round of private equity investment reinforces our commitment to accelerating the adoption of electric buses. With strong government support under the leadership of Hon’ble Prime Minister Shri Narendra Modi, India’s transition to green mobility is gaining remarkable momentum. We take immense pride in contributing to this transformation.”
Amit Dangi, Director, Authum Investment & Infrastructure, emphasized the long-term potential of electric buses, stating:
“Sustainable financing is critical to the future of our economy. Our investment in PMI Electro Mobility reflects our commitment to green mass mobility. With the electric bus adoption still in its early stages, we believe India is on the verge of rapid expansion in this sector. We are excited to be a part of this green mobility revolution.”
Abhijeet Pai, Partner, Gruhas, echoed similar sentiments:
“At Gruhas, we believe the future is driven by innovation and sustainability. PMI Electro Mobility is transforming urban transportation with its commitment to electric mobility and environmental stewardship. Our investment aligns with our vision of accelerating India’s transition to a greener and more sustainable future.”
A Milestone Investment in Green Mobility
This marks PMI Electro Mobility’s second major investment within a year. In 2023, the company secured its first round of funding from Piramal Alternative Funds through its Performing Credit Fund (PCF). The initial financing, structured as convertible securities, set the foundation for PMI’s current expansion trajectory.
With this latest investment, PMI Electro Mobility is poised to lead India’s green mobility transformation, driving sustainable urban and rural transport solutions and contributing to the country’s ambitious EV adoption goals.
