PMI Electro Mobility Secures ₹250 Crore Investment from Investment Consortium

Key Highlights:

• PMI Electro Mobility raised ₹250 crore from investors including Authum and Gruhas.
• The company runs 2,000 electric buses across 31 cities in India.
• CEO Dr. Aanchal Jain says the funding will boost electric bus adoption.
• This follows a 2023 investment from Piramal Alternative Funds.
• The electric bus market in India is growing, supported by government schemes.

PMI Electro Mobility Solutions, an electric bus manufacturer, has raised ₹250 crore in funding through a preferential allotment. This investment comes from a consortium led by Authum Investment & Infrastructure Limited and Gruhas. The company plans to use this investment to improve its technology and expand its operations in India’s growing electric vehicle market.

This is the second major investment in PMI Electro Mobility, after receiving funding from Piramal Alternative Funds in 2023 through convertible securities. The latest investment group includes Antique Securities and associated HNI family offices, alongside Authum and Nikhil Kamath-backed Gruhas.

Leadership Insights

PMI Electro Mobility's CEO, Dr. Aanchal Jain, stated that the new investment will help to boost green mobility efforts and speed up the adoption of electric buses in India's public transport. The company aims to grow its fleet to over 5,000 buses within the next two years.

About PMI Electro Mobility 

PMI Electro Mobility Solutions company is based in Gurugram. The company currently operates 2,000 electric buses in 31 cities across India and has an order book of over 3,000 vehicles.

Founded in 2017, PMI Electro Mobility has already covered over 20 crore electric kilometers, with operations stretching from Leh to various cities in South India. The company has gained from government efforts to promote electric vehicles in public transport.

Electric Bus Market in India

The electric bus market in India is growing, thanks to the government's push for sustainable transport solutions. The Ministry of Heavy Industries’ FAME India Scheme, aimed at encouraging electric vehicles, has provided substantial support for state transport undertakings to purchase electric buses.

Amit Dangi, Director at Authum Investment & Infrastructure, highlighted that while electric bus adoption in public transport is still in its early stages, it has the potential for quick growth. Abhijeet Pai, a partner at Gruhas, mentioned that the investment aligns with their commitment to innovation and environmental sustainability in transportation.

The electric bus market in India is expected to expand rapidly as cities aim to cut emissions and update their public transport systems. Several state governments have also shared plans to shift their bus fleets to electric vehicles over the next decade.

Also Read: Electric Buses Sales Report June 2024: PMI Electro Mobility Emerges as Top Choice for E-Buses

CMV360 Says

The investment will help PMI Electro Mobility make their electric buses even better and increase the number of electric buses on the roads. With the government supporting electric vehicles, it’s a new step towards cleaner and greener public transport. It’s good for the environment that more cities are planning to switch to electric buses soon.