Electric bus manufacturer PMI Electro Mobility Solutions has secured ₹250 crore in funding through a preferential allotment of equity shares from a consortium led by Authum Investment & Infrastructure Limited and Gruhas. The investment comes as the company looks to expand its operations in India's growing electric vehicle sector.
The Gurugram-based company currently operates 2,000 electric buses across 31 Indian cities and has an order book exceeding 3,000 vehicles. The fresh capital will be used for technological advancements in production capabilities and scaling operations, according to company officials.
PMI Electro Mobility CEO Dr. Aanchal Jain said the investment would help advance green mobility initiatives and accelerate electric bus adoption in India's public transport system. The company plans to expand its fleet to over 5,000 buses within the next two years.
This marks the second major investment in PMI Electro Mobility following funding from Piramal Alternative Funds in 2023 through convertible securities. The latest investment consortium includes Antique Securities and associated HNI family offices, alongside Authum and Nikhil Kamath-backed Gruhas.
Founded in 2017, PMI Electro Mobility has recorded over 20 crore electric kilometers across its operations, which span from Leh to various cities in South India. The company has benefited from government initiatives promoting electric vehicle adoption in public transportation.
The electric bus segment in India has seen increased activity as the government pushes for sustainable public transport solutions. The Ministry of Heavy Industries' FAME India Scheme, launched to promote electric vehicles, has allocated significant support for electric bus procurement by state transport undertakings.
Amit Dangi, Director at Authum Investment & Infrastructure, noted that electric bus adoption in public transport remains at an early stage but shows potential for rapid growth. Gruhas partner Abhijeet Pai emphasized the investment aligned with their focus on innovation and environmental sustainability in transportation.
The electric bus market in India is expected to grow significantly as cities work to reduce emissions and modernize their public transport fleets. Several state governments have announced plans to transition their bus fleets to electric vehicles over the next decade.