PMI Electro Mobility Raises Rs 250 Crore in Strategic Investment Round

PMI Electro Mobility Solutions has secured Rs 250 crore in strategic funding through a preferential allotment of equity shares. The investment consortium is led by Authum Investment & Infrastructure Limited and includes Antique Securities, associated HNI family offices, and Gruhas, backed by Nikhil Kamath.

PMI Electro Mobility Solutions will use the fresh capital to accelerate its strategic initiatives. It will also invest in innovating in production and new technologies. This marks the company's second round of private equity funding, following its initial investment from Piramal Alternative Funds in 2023.

"This investment reinforces our commitment to advancing green mobility initiatives and accelerating the adoption of electric buses within the country's public transport system," said Aanchal Jain, CEO of PMI Electro Mobility.

Established in 2017, PMI Electro Mobility operates a production facility in Delhi-NCR with an annual capacity of 2,500 units. The facility manufactures electric buses in 7, 9, and 12-metre configurations and electric school buses. The company currently holds a substantial order book of over 3,000 electric buses.

The company's first funding round came from Piramal Alternative Funds' sector-agnostic Performing Credit Fund (PCF) through convertible securities, which set the foundation for its current growth trajectory.

This latest investment signals growing confidence in India's electric vehicle sector, particularly in the commercial vehicle segment, as the country pushes for sustainable urban mobility solutions.