Mumbai, February 14, 2025: PMI Electro Mobility Solutions Pvt. Ltd, India’s leading manufacturer of electric buses, today said that it has secured a strategic investment of ₹250 crore led by a consortium comprising of Authum Investment & Infrastructure Limited (Authum), Antique Securities and associated HNI family offices and Nikhil Kamath backed Gruhas. The investment was raised through a preferential allotment of equity shares, underscoring investor confidence in the company’s vision and growth potential.
With a robust 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. These advancements will further strengthen the company’s position in India’s burgeoning electric vehicle (EV) sector and contribute significantly to sustainable urban and rural mobility.
The company, since its inception in 2017, has achieved an extraordinary 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 and supporting India’s transition to a greener future.
Commenting on the investment, Dr. Aanchal Jain, CEO, PMI Electro Mobility, said, “We extend a warm welcome to Authum, Antique Securities and associated HNI family offices and Gruhas as our strategic partners in the pursuit of revolutionizing sustainable transportation 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 Hon’ble Prime Minister Shri Narendra Modi, this transition is gaining significant momentum. We take immense pride in contributing to this transformative journey and shaping the future of mobility”.
Commenting on the partnership, Amit Dangi, Director, Authum Investment & Infrastructure, said, “At Authum, we believe that sustainable financing is critical to the future of our economy. Our investment in PMI Electro Mobility is a testament to our commitment to supporting green mass mobility and the EV sector in India. The adoption of electric buses in the public transport system is still in its nascent stages, but we believe that it is on the cusp of rapid growth. 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.”
Also speaking about this, Abhijeet Pai, Partner, Gruhas said, “At Gruhas, we believe the future is built on the foundations of innovation and sustainability. PMI Electro Mobility is redefining urban transportation in India through their commitment to electric mobility and environmental stewardship. Our Investment reflects our shared vision of accelerating India’s transition towards a green and sustainable future, creating meaningful change for generations to come”
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.
