PMI Electro Mobility Solutions, a leading electric commercial vehicle (eCV) manufacturer, has raised ₹250 crore in its second round of private equity funding to accelerate its expansion and strengthen India’s electric vehicle (EV) ecosystem.
The investment round was led by Authum Investment & Infrastructure Limited and included participation from Antique Securities, HNI family offices, and Gruhas, co-founded by Nikhil Kamath. This funding will enable PMI to develop innovative EV solutions, enhance production capabilities, and scale its operations, reinforcing its market presence in India’s rapidly growing electric mobility sector.
Strengthening India’s Electric Bus Market
PMI Electro Mobility, incorporated in 2017, has emerged as a key player in India’s eCV industry. The company operates a state-of-the-art manufacturing facility in Delhi-NCR, which currently has an annual production capacity of 2,500 electric buses. PMI specializes in 7, 9, and 12-metre electric buses, including electric school buses, designed to meet the evolving needs of urban transportation.
The company has built a robust order book of over 3,000 electric buses, reflecting strong market demand and growing adoption of electric public transport. This investment will help PMI fulfill these orders while expanding its reach and product offerings in the Indian EV sector.
“This second round of private equity investment reinforces our commitment to green mobility and accelerating the adoption of electric buses within India’s public transport system,” said Aanchal Jain, CEO of PMI Electro Mobility.
Growing Government Support for EVs
The Indian government has been actively promoting electric mobility through various incentives and policies, such as the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, which provides subsidies for EV adoption.
With progressive policies and increased focus on sustainable transportation, companies like PMI Electro Mobility are playing a vital role in helping India transition to a cleaner and greener future.
Also read: Energy Transition Must Include Fossil Fuels: Puri
The fresh funding will also support technological advancements in production, including improvements in battery technology, vehicle efficiency, and smart connectivity features.
Previous Funding and Future Growth Plans
PMI’s first private equity funding round in 2023 came from Piramal Alternative Funds, under its sector-agnostic Performing Credit Fund (PCF). The company used this initial investment to expand its operations and strengthen its financial position.
With this latest ₹250 crore investment, PMI plans to:
- Enhance EV production capacity to meet growing demand.
- Invest in research and development (R&D) to improve vehicle efficiency.
- Scale operations and expand market reach across India.
- Develop next-gen electric bus technology for improved urban transportation.
As the EV transition gains momentum, PMI Electro Mobility is well-positioned to contribute to India’s goal of reducing carbon emissions and promoting sustainable urban mobility.
