A group of high-net-worth individuals (HNI) family offices, Authum Investment & Infrastructure Limited, Antique Securities, and Gruhas, who are supported by Nikhil Kamath, have contributed ₹250 crore to PMI Electro Mobility Solutions Pvt. Ltd. The investment, which was made possible by a preferential allocation of equity shares, demonstrates the rising trust that investors have in PMI’s mission and its ability to influence India’s sustainable transportation landscape.
With more than 3,000 electric buses on order, the new funding will support PMI’s growth objectives, which include:
- Improving production capacities through the use of advanced technology.
- Expanding activities to increase its presence in India’s developing EV market.
- Creating cutting-edge electric public transport systems.
- Operating a fleet of 2,000 electric buses in 31 cities—from the untamed landscapes of Leh to the humid regions of South India—PMI has reached a milestone of over 20 crore electric kilometres (e-kms) since its founding in 2017. In order to strengthen its position in India’s green mobility revolution, the company intends to increase the number of buses in its fleet to over 5,000 within the next two years.
An Important Investment in Eco-Friendly Transportation
This is PMI Electro Mobility’s second significant investment in as many months. Through its Performing Credit Fund (PCF), Piramal Alternative Funds provided the company with its first round of finance in 2023. The initial funding, which took the form of convertible securities, laid the groundwork for PMI’s present growth path.
With this most recent investment, PMI Electro Mobility is well-positioned to spearhead India’s transition to green mobility, promoting environmentally friendly urban and rural transport options and helping the nation achieve its ambitious EV adoption targets.
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