PMI Electro Mobility Investment for EV Expansion

PMI Electro Mobility raised $28.6M from Authum, Antique Securities, HNI family offices, and Gruhas, boosting its sustainable transport vision.

Gurugram - PMI Electro Mobility Solutions Pvt. Ltd., an electric bus manufacturer, has secured a $28.6M (₹250 crore) strategic investment from a consortium led by Authum Investment & Infrastructure Limited, Antique Securities, HNI family offices, and Nikhil Kamath-backed Gruhas. Raised through a preferential allotment of equity shares, this investment highlights growing investor confidence in PMI’s vision and its pivotal role in driving sustainable transportation in India.

With over 3,000 electric buses on order, PMI's new funding will drive expansion by enhancing production, scaling operations, and innovating electric public transport. Since 2017, its 2,000-bus fleet has covered 20 crore e-kms across 31 cities, from Leh’s rugged terrain to South India’s humidity. PMI aims to grow its fleet to 5,000 buses in two years, strengthening its role in India’s green mobility shift.

Dr. Aanchal Jain, CEO, PMI Electro Mobility, said, “We are thrilled to welcome Authum, Antique Securities, and Gruhas as strategic partners in revolutionizing sustainable transportation in India. This second round of private equity investment reinforces our commitment to accelerating the adoption of electric buses. With strong government support under the leadership of Hon’ble Prime Minister Shri Narendra Modi, India’s transition to green mobility is gaining remarkable momentum. We take immense pride in contributing to this transformation.”

Mr. Amit Dangi, Director, Authum Investment & Infrastructure, said, “Sustainable financing is critical to the future of our economy. Our investment in PMI Electro Mobility reflects our commitment to green mass mobility. With the electric bus adoption still in its early stages, we believe India is on the verge of rapid expansion in this sector. We are excited to be a part of this green mobility revolution.”

This is PMI Electro Mobility’s second major investment within a year. In 2023, the company received its first round of funding from Piramal Alternative Funds through its Performing Credit Fund (PCF). Structured as convertible securities, the initial financing laid the groundwork for PMI’s expansion. With this latest investment, PMI is set to accelerate India’s green mobility shift, advancing sustainable transport solutions in both urban and rural areas while supporting the country’s ambitious EV adoption goals.