Gurugram / Mumbai, October 26, 2023: India’s leading manufacturer of Electric Buses, PMI Electro Mobility Solutions Pvt. Ltd. today announced that it has received strategic investment of INR 250 Cr from Piramal Alternatives, the fund management business of the Piramal Group to bolster its green mobility initiatives. The investment has been made through the Performing Credit Fund (PCF), a sector-agnostic fund of Piramal Alternatives, that caters to the capital needs of mid-market companies.

PMI Electro Mobility received its maiden investment from PCF in the form of convertible securities. The company plans to strategically utilize these funds in developing innovative solutions, bring technological advancements to its production capabilities and scale its operations.

Dr. Aanchal Jain, CEO, PMI Electro Mobility said, “There has been a surge in demand of deployment of electric buses owing to Hon’ble PM’s vision of Net-Zero emissions goals dovetailed with recently announced PM eBus Sewa scheme. It is a cause we strongly believe in, and it is indeed our privilege to be part of this journey and contribute to the nation’s ambitious target.”

“With an order book of 2,500 buses that is expected to constantly grow going forward, the investment from Piramal Alternatives will greatly enhance our technological capabilities, and catapult our growth trajectory manifold. We look forward to this long-term partnership.”

Kalpesh Kikani, CEO, Piramal Alternatives said, “At Piramal Alternatives, we endeavour to keep sustainable financing at the centre of our investment decisions. Towards that, we are pleased to partner with PMI Electro Mobility in driving green mobility efforts across the country. The advent of E-bus for transport, though nascent now, is poised for rapid growth in the coming time. We will keep looking at potential opportunities for investments in the EV space, particularly those that create a long-term positive impact keeping in mind environment, social and governance considerations.”

ICICI Securities was the advisor to PMI Electro Mobility for this fund raise.