PMI Electro Mobility Secures ₹250 Crore Investment to Drive EV Growth
PMI Electro Mobility secures ₹250 crore investment through a strategic investment led by Authum Investment & Infrastructure Limited, to accelerate the development of innovative electric vehicle solutions and expand its production capabilities in India’s growing EV sector.
Prominent Indian electric bus manufacturer PMI Electro Mobility Solutions on Friday announced that it has raised ₹250 crore in strategic funding.
This investment comes from a consortium led by Authum Investment & Infrastructure Limited, which includes Antique Securities, HNI family offices, and Gruhas, backed by Nikhil Kamath.
The funding, raised through a preferential allotment of equity shares, marks the company’s second round of private equity investment.
The infusion of capital will empower PMI Electro Mobility to ramp up its technological capabilities in production and expand its operations across the country.
These advancements are expected to solidify the company’s standing in India’s growing electric vehicle market while promoting sustainable urban transportation.
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Founded in 2017, PMI Electro Mobility operates a state-of-the-art manufacturing facility in Delhi-NCR with an annual production capacity of 2,500 units.
The facility produces a range of electric buses, including 7, 9, and 12-meter models, as well as electric school buses.
With an impressive order book of over 3,000 electric buses, PMI Electro Mobility is on track to play a key role in transforming India’s public transport system to more eco-friendly alternatives.
“We are thrilled to have raised our second round of private equity funding. This capital will help us accelerate our green mobility initiatives and further contribute to the adoption of electric buses in India,” said Aanchal Jain, CEO of PMI Electro Mobility.
With continued support from the government and robust policies promoting electric mobility, PMI Electro Mobility is positioned to lead the transition to a cleaner, greener public transport future.
The company previously secured its first round of funding from Piramal Alternative Funds in October 2023, in the form of convertible securities.
The latest round of investment marks a significant milestone for PMI Electro Mobility as it continues its mission to drive the future of sustainable transportation in India.
