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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 will support the company’s expansion in India's rapidly growing electric vehicle (EV) sector.
Currently, the Gurugram-based company operates 2,000 electric buses across 31 Indian cities and has an order book of over 3,000 vehicles. The fresh capital will be used to enhance production capabilities, introduce technological advancements, and scale operations, according to company officials.
PMI Electro Mobility’s CEO Dr. Aanchal Jain stated that the funding will accelerate green mobility initiatives and boost electric bus adoption in India’s public transport system. The company aims 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 completed over 20 crore electric kilometers across India, with operations extending from Leh to several South Indian cities. The company has benefited from government-backed initiatives promoting electric vehicle adoption in public transportation.
The electric bus segment in India has witnessed significant growth, driven by government efforts to promote sustainable public transport solutions. The Ministry of Heavy Industries’ FAME India Scheme has provided financial support to state transport undertakings (STUs) for electric bus procurement.
Amit Dangi, Director at Authum Investment & Infrastructure, stated that electric bus adoption in public transport is still in its early stages but has strong potential for rapid growth. Gruhas partner Abhijeet Pai emphasized that the investment aligns with their focus on innovation and environmental sustainability in transportation.
The Indian electric bus market is expected to witness significant expansion as cities work towards reducing emissions and modernizing their public transport systems. Several state governments have already announced plans to transition their bus fleets to electric vehicles in the coming decade.
