PMI Electro Mobility Solutions, an Indian electric bus manufacturer, has secured INR 250 crore in funding led by a consortium, including Authum Investment & Infrastructure, Antique Securities and associated HNI family offices, and Nikhil Kamath-backed Gruhas.

The investment, made through a preferential allotment of equity shares, will support PMI's expansion plans and technological advancements in the electric vehicle sector.

Order book of PMI Electro Mobility

The company has an existing order book of over 3,000 electric buses and plans to increase its fleet to over 5,000 in the next two years. This investment reflects growing investor confidence in PMI's potential and the burgeoning electric vehicle market in India.

“We are deeply honoured by this second round of private equity investment, which reinforces our commitment to advancing green mobility initiatives and accelerating the adoption of electric buses within the country’s public transport system. With robust government support, driven by progressive policies and visionary programs under the leadership of Prime Minister Narendra Modi, this transition is gaining significant momentum,” said Aanchal Jain, CEO of PMI Electro Mobility.

Previous fundraising

This recent funding round is the second significant investment secured by PMI Electro Mobility within a year. In 2023, the company received its first round of funding from Piramal Alternative Funds through their Performing Credit Fund (PCF).

This earlier investment was in the form of convertible securities and laid the groundwork for PMI's current growth trajectory.

“We are excited to partner with PMI Electro Mobility as they drive the nation’s green mobility revolution. This partnership reflects our shared vision of driving positive environmental, social, and governance (ESG) outcomes, and we are looking forward to contributing to the transformation of India’s transportation landscape,” said Amit Dangi, Director at Authum Investment & Infrastructure, in a statement.