PMI Electro Mobility Raises INR 250 Crore to Expand EV Manufacturing With this latest funding, PMI Electro Mobility aims to further develop its manufacturing capabilities, advance EV technology, and strengthen its presence in India's rapidly evolving electric vehicle market
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PMI Electro Mobility Solutions, a manufacturer of electric commercial vehicles, has secured INR 250 crore in its second round of private equity funding. The investment, obtained through a preferential allotment of equity shares, comes from a consortium of investors, including Authum Investment & Infrastructure Limited, Antique Securities, associated high-net-worth family offices, and Gruhas, backed by entrepreneur Nikhil Kamath.
The capital infusion will enable PMI Electro Mobility to enhance its production capacity, invest in technological advancements, and scale its operations. The company stated that these initiatives will contribute to the broader goal of strengthening electric mobility in India and supporting sustainable urban transport solutions.
"This investment marks a significant step in our efforts to accelerate green mobility in India. It reaffirms our commitment to expanding electric bus adoption and supporting the country's shift towards sustainable public transport," said Aanchal Jain, CEO of PMI Electro Mobility. He also highlighted the role of government policies in fostering growth in the EV sector.
PMI Electro Mobility had previously secured its first round of private equity funding in 2023 from Piramal Alternative Funds under its Performing Credit Fund (PCF). That initial investment, structured through convertible securities, provided the company with the financial backing needed for expansion.
With this latest funding, PMI Electro Mobility aims to further develop its manufacturing capabilities, advance EV technology, and strengthen its presence in India's rapidly evolving electric vehicle market.
Established in 2017, PMI Electro Mobility operates a manufacturing facility in Delhi-NCR with an annual production capacity of 2,500 electric buses. The company produces various models, including 7-metre, 9-metre, and 12-metre buses, along with electric school buses. Currently, it has an order pipeline exceeding 3,000 units.
