KKR to Invest $310 Million in India’s E-Bus OEM PMI Electro & Allfleet

U.S. private equity firm KKR has committed an investment of about Rs. 2,500 crore (USD 310 million) in India’s leading electric bus manufacturer, PMI Electro Mobility, and Allfleet in India.

The transaction, announced in March 2026, involves KKR-managed funds acquiring a majority stake in Allfleet and a minority stake in PMI Electro.

“This investment by KKR marks a defining milestone in our journey and is a powerful endorsement of the integrated electric mobility platform we have built at Allfleet.”

Aanchal Jain, CEO, PMI Electro Mobility and Director, Allfleet.

Allfleet India, founded in 2022, operates as PMI Electro Mobility’s electric bus platform. The company focuses on developing, owning, and operating large-scale electric public transport fleets across Indian cities under long-term concession and service agreements with state transport authorities.

Allfleet is set to deploy over 5,000 e-buses through long-term agreements with state transport authorities, supporting urban mobility across major cities.

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KKR is making this investment from its Global Climate Transition strategy. The investment marks KKR’s first Global Climate Transition investment in India and its eighth globally under the strategy. KKR is a global investment firm with investments across infrastructure and climate-focused platforms.

Since 2010, KKR has committed more than $44 billion to climate and environmental sustainability investments.

“Transport electrification is a critical pillar of the energy transition, and India – with its scale, urbanization trends, and decarbonization ambitions – represents one of the most significant opportunities for the sector globally,” said Neil Arora, Partner and Head of KKR’s Climate Transition Strategy for Asia Pacific.

“The differentiated combination of Allfleet’s proven, scalable platform and PMI’s manufacturing and service expertise stands out as a full-service solution in this market. We look forward to supporting Allfleet’s next phase of growth by working together with PMI and leveraging KKR’s global operational expertise and experience investing across climate transition,” he added.

Allfleet is currently focused on scaling electric bus deployments and is on track to deploy more than 5,000 electric buses across multiple Indian cities. These deployments are being executed through long-term agreements with state transport authorities.

“This investment by KKR marks a defining milestone in our journey and is a powerful endorsement of the integrated electric mobility platform we have built at Allfleet,” said Aanchal Jain, CEO of PMI Electro Mobility and Director of Allfleet.

“PMI Electro’s vision is to create a scalable, reliable, and future-ready ecosystem that can transform public transport in India. Alongside KKR, the company will continue to focus on responsible scale-up and expanding its presence across Indian cities,” she added.

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The investment is expected to support the expansion of electric bus fleets, strengthen operational capabilities, and scale the Allfleet platform. It will also support PMI Electro Mobility’s manufacturing and service operations linked to electric bus deployment.

PMI Electro Mobility currently operates electric buses across several Indian cities under contracts awarded by state transport undertakings. The company’s integrated model combines manufacturing, operations, and maintenance with fleet deployment through Allfleet.

The companies did not disclose specific timelines linked to the deployment of funds. The transaction is aimed at supporting ongoing electric bus operations and expanding fleet capacity under existing and new agreements in India.