Saturday | Mar 29 2025 | 06:04:16 PM
PMI Electro Mobility Solutions, an electric buses manufacturing startup, has secured an investment of Rs. 250 crore led by a consortium comprising of Authum Investment & Infrastructure Authum), Antique Securities and associated HNI family offices and Nikhil Kamath backed Gruhas. The investment was raised through a preferential allotment of equity shares.
With an order book of over 3,000 electric buses, this infusion of funds will enable PMI Electro Mobility to accelerate its strategic initiatives, including the development of innovative solutions, technological advancements in production capabilities, and scaling of operations.
The company, since its inception in 2017, has achieved a milestone of over 20 crore electric kilometers (e-kms), operating a fleet of 2,000 electric buses across 31 cities, from the challenging terrains of Leh to the humid climates of South India. With plans to expand its fleet to over 5,000 buses in the next 24 months, PMI remains steadfast in its commitment to driving sustainable urban and rural mobility.
Commenting on the funds raised, Dr. Aanchal Jain, CEO, PMI Electro Mobility, said, “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”.
This is the second major investment by PMI Electro Mobility in almost a year. The company had recently raised its first round of funding in 2023 from Piramal Alternative Funds under its sector agnostic – Performing Credit Fund (PCF). This initial financing, which occurred in the form of convertible securities, paved the way for PMI’s current growth path.
