PMI Electro Mobility secures Rs 250 crore investment to drive expansion

PMI Electro Mobility Solutions, a manufacturer of electric buses, has announced that it secured a significant investment of Rs 250 crore from Piramal Alternatives, the fund management arm of the Piramal Group. This strategic infusion of capital is intended to support the company's expansion plans and sustainability initiatives, according to a statement from PMI Electro Mobility.

The funds will be strategically allocated towards the development of innovative solutions, enhancing the company's manufacturing capabilities with technological advancements, and expanding its overall operations. This investment was made through Piramal Alternatives' Performing Credit Fund (PCF), a sector-agnostic fund that caters to the capital requirements of mid-market enterprises. Furthermore, PMI Electro Mobility highlighted that this is their maiden investment from PCF and is in the form of convertible securities.

Rising EV Demand

The company has experienced a growing demand for its electric buses, in alignment with the government's vision of achieving net-zero emissions and the recently launched PM eBus Sewa scheme. Aanchal Jain, CEO, PMI Electro Mobility, noted that they currently have an order book for 2,500 buses, which is expected to expand in the future. The investment from Piramal Alternatives is expected to boost their technological capabilities and accelerate their growth.

Kalpesh Kikani, CEO, Piramal Alternatives, expressed their commitment to explore investment opportunities in the electric vehicle (EV) sector, particularly those that align with long-term positive impacts and consider environmental, social, and governance factors.

PMI Electro Mobility reported that they have over 1,200 electric buses in operation across various states, including Uttar Pradesh, Himachal Pradesh, Goa, Maharashtra, West Bengal, Odisha, Gujarat, Kerala, the Union Territory of Ladakh, and the national capital, Delhi.

(With PTI Inputs)