KKR Partners with Allfleet and PMI Electro

Mumbai- KKR, Allfleet India Private Limited., and PMI Electro Mobility Solutions Private Limited., have signed definitive agreements under which funds managed by KKR will invest up to $310 million to establish a strategic partnership aimed at expanding Allfleet’s electric bus platform and strengthening PMI Electro’s manufacturing capabilities. As part of the transaction, KKR will acquire a majority stake in Allfleet and a minority stake in PMI Electro. The deal marks KKR’s first Global Climate Transition investment in India and the strategy’s eighth globally.

Founded in 2022, Allfleet serves as PMI Electro’s electric bus platform and, through its subsidiaries, focuses on the development, ownership, and operation of large-scale electric public transport fleets. The company is currently on track to deploy more than 5,000 electric buses under long-term concession and service agreements with several state transport authorities, supporting urban mobility across major Indian cities.

The investment comes as India continues to accelerate its transition toward cleaner mobility and lower-carbon transport systems. KKR’s backing is expected to support Allfleet’s next phase of growth, enhance its collaboration with public transport authorities, and help expand electric bus fleets in key markets. The platform is supported by an integrated model that combines manufacturing, fleet ownership, operations, and lifecycle services through its partnership with PMI Electro, one of India’s early entrants in the electric bus segment.

Mr. Neil Arora, Partner and Head of KKR’s Climate Transition strategy for Asia Pacific, said transport electrification is a key component of the global energy transition and that India presents one of the most significant market opportunities due to its scale, urbanization, and decarbonization goals. He noted that Allfleet’s scalable operating platform, combined with PMI Electro’s manufacturing and service expertise, offers a strong full-service solution for the Indian market.

Ms. Aanchal Jain, CEO of PMI Electro and Director at Allfleet, described the investment as a major milestone in the company’s journey and a strong validation of the integrated electric mobility platform developed by Allfleet. She said the partnership supports PMI Electro’s vision of building a scalable, reliable, and future-ready ecosystem capable of transforming public transport in India.

She added that, together with KKR, the company will continue to pursue responsible expansion and strengthen its presence across Indian cities. According to Jain, the partnership reflects the coming together of institutional capital, Indian manufacturing strength, and strong execution capabilities to deliver mobility solutions of national importance.

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