PC: Truck and Bus Builder
PMI Electro Mobility Solutions, a leading electric commercial vehicle company, has raised ₹250 crore in funding from a group of investors led by Authum Investment & Infrastructure Limited. This strategic investment is the company’s second private equity funding round and is intended to improve its operational capabilities and propel innovation in India’s fast-growing electric vehicle (EV) market.
PMI Electro Mobility was established in 2017 and stands to gain substantially from this new capital injection, which takes the form of a preferential allotment of equity shares. The group supporting this investment is also joined by Antique Securities, a number of high-net-worth family offices, and Gruhas with the support of investor Nikhil Kamath. The firm aims to use this money to fund further technological advances and expand operations, thus further solidifying its position in the growing EV segment.
Aanchal Jain, PMI Electro Mobility’s CEO, affirmed the direction of the company by saying, “This is our second round of private equity investment, which reaffirms our focus on furthering green mobility initiatives and speeding up electric bus adoption in the public transport network of the country.” He underlined that encouraging government policies and visionary schemes are leading the way for a shift to electric mobility.
PMI Electro Mobility has created a high-capacity production unit in the Delhi-NCR area that can produce 2,500 electric buses every year, including 7, 9, and 12-meter electric buses and electric school buses. The company already has an excellent order book of more than 3,000 electric buses, indicating solid demand for its products.
The new capital will allow PMI Electro Mobility to pursue several strategic objectives, such as the creation of innovative solutions for urban mobility and the enhancement of production technologies. These developments are likely to considerably improve the efficiency and sustainability of urban transport systems.
The round is a follow-up to PMI Electro Mobility’s first investment in 2023, when it raised funds from Piramal Alternative Funds under its Performing Credit Fund. The initial round, done through convertible securities, set the stage for the company’s current growth path.
As the Indian government intensifies its push for sustainable transportation, PMI Electro Mobility is well-positioned to capitalize on the increasing demand for electric vehicles. The company’s commitment to green initiatives and innovative technologies aligns with national goals for environmental sustainability, making it a key player in the future of urban mobility in India.
In summary, the ₹250 crore funding will enable PMI Electro Mobility to develop its capabilities and strengthen its market position, setting the stage for a more efficient and sustainable public transportation system in India. Along with the growing EV industry, PMI Electro Mobility plans to spearhead the drive to revolutionize urban transport.
