PMI Electro Mobility Secures Investment of INR 250 Crores

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PMI Electro Mobility Secures Investment: Piramal Alternatives grants Rs 250 crore funding, propelling advancements in eco-friendly electric buses and production technology.

PMI Urban 12 meter low floor electric bus
A PMI Urban 12 meter low floor electric bus operated by WBTC. Source: Kolkata bus-o-pedia

India’s premier electric bus manufacturer, PMI Electro Mobility, has successfully secured substantial funding of Rs 250 crore from Piramal Alternatives, the fund management arm of the Piramal Group.

This funding was channeled through the Performing Credit Fund, a sector-agnostic initiative aimed at investing in mid-market companies.

PMI Electro Mobility has outlined plans to employ these funds for the enhancement of its production plant technology and the expansion of its operational capacity.

Dr. Aanchal Jain, the CEO of PMI Electro Mobility, expressed enthusiasm for the investment from Piramal Alternatives, stating, “With an order book of 2,500 buses that is expected to constantly grow going forward, the investment from Piramal Alternatives will greatly enhance our technological capabilities, and catapult our growth trajectory manifold.”

Kalpesh Kikani, CEO of Piramal Alternatives, emphasized their commitment to prioritizing sustainable financing in their investment choices.

“At Piramal Alternatives, we endeavor to keep sustainable financing at the centre of our investment decisions. The advent of E-bus for transport, though nascent now, is poised for rapid growth in the coming time. We will keep looking at potential opportunities for investments in the EV space, particularly those that create a long-term positive impact keeping in mind environment, social and governance considerations,” he added.

PMI Electro Mobility Solutions Pvt. Ltd. is the Largest Electric Bus Manufacturer in Terms of Market Share

Founded in 2017 by Satish Kumar Jain in Haryana, PMI Electro Mobility Solutions Private Limited has today emerged as the largest electric bus manufacturer in India.

In terms of market share of electric buses in India, PMI Electro Mobility secured the most substantial market share at 31.5% during the fiscal year 2022-23 according to research and advisory firm JMK Research and Analytics.

Presently, the company has more than 1,200 vehicles in operation across various regions in India, including Delhi, Uttar Pradesh, Goa, Kerala, West Bengal, and Maharashtra.

The Gurugram-based company is actively planning the establishment of a manufacturing facility in Pune, intending to double its production capacity.

This recent funding injection is expected to further empower the company’s mission to advance green mobility solutions in the country.

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