Electric vehicle manufacturers drew 13 of the 19 private equity investments in India's automobile industry between September 2025 and June 2026, taking $678mn of the roughly $850mn deployed, according to Equirus Capital's automobile sector tracker for June 2026.
The ten-month sweep caps a longer shift. Vehicle makers accounted for 94 of the 145 private equity deals in the sector between FY22 and FY27 so far, worth $5bn of the $5.9bn total, and nearly every recent OEM deal in the tracker carries an EV tag. FY26 alone recorded 37 private equity deals, the highest in the six-year window.
Commercial electrification drew the biggest cheques. KKR invested $310mn in Allfleet India and electric bus maker PMI Electro Mobility Solutions in March 2026, the largest deal of the period. The International Finance Corporation put $100mn into electric bus operator JBM Ecolife Mobility in September 2025, and the National Investment and Infrastructure Fund invested $57mn in Pinnacle Mobility Solutions in October. Among two-wheeler makers, Ultraviolette Automotive raised $45mn from Zoho Corporation and Lingotto in December 2025, while Hero MotoCorp deepened its bet on electric three-wheeler maker Euler Motors through a $46mn round in March.
The capital itself is getting more varied. The family office of Thyrocare founder Arokiaswamy Velumani led two rounds in Simple Energy within ten months, and corporates such as Zoho and Mahanagar Gas now sit alongside institutional funds on the sector's cap tables.
Listed players have turned to public markets, with Ola Electric raising $94mn (₹780 crore) through a June Qualified Institutional Placement (QIP) earmarked for debt repayment and expansion. JBM Ecolife separately secured ₹750 crore from Motilal Oswal Alternates as structured debt and equity-linked securities to grow its electric bus fleet from about 3,400 to 5,000 over the next 12 months.
Electrification Leads the Deal Table
Grant Thornton Bharat's Dealtracker, published in April 2026, points in the same direction. It recorded 35 deals worth $745mn in India's auto and EV sector in the January to March quarter, with private equity supplying 28 deals and $702mn of the value, a rise on both counts from the previous quarter. EV-related transactions led the activity. "Deal activity remains focused on future-ready themes, with investors prioritising electrification, mobility platforms, and ecosystem enablers such as charging, swapping, and battery technologies," Saket Mehra, partner and auto and EV industry leader at Grant Thornton Bharat, said in the report.
Moreover, adoption numbers back the conviction. EVs crossed 11% of vehicle registrations in May 2026 for the first time, per FADA. The electric share of two-wheeler sales rose to 9.25% from 6.11% a year earlier; electric cars took 6.63% of passenger vehicle sales; commercial vehicles hit a best-ever 2.86%; and electric three-wheelers accounted for a record 64.44% share. Policy is hardening in the same direction, with Delhi's Electric Vehicles Policy 2026 permitting only electric three-wheeler registrations from January 2027 and only electric two-wheelers from April 2028.
Private equity has stayed above 20 transactions in every full year since FY22, the sector's most consistent deal route. On the evidence of the past ten months, most of those cheques now have an electric vehicle on the other side.