PMI Electro Mobility Solutions, an electric bus manufacturer, has raised Rs. 250 crore through a preferential allotment of equity shares. The funding round was led by Authum Investment & Infrastructure and Gruhas, along with Antique Securities and associated HNI family offices. The investment aims to support PMI’s expansion in India's electric vehicle sector.

Based in Gurugram, PMI currently operates 2,000 electric buses across 31 cities and has an order book exceeding 3,000 vehicles. The newly raised funds will be used to enhance production technology and scale operations. CEO Dr. Aanchal Jain stated that the investment would accelerate green mobility initiatives and boost electric bus adoption in India's public transport system. The company plans to expand its fleet to over 5,000 buses in the next two years.

This is PMI’s second major funding round, following an investment from Piramal Alternative Funds in 2023 through convertible securities. The company, founded in 2017, has recorded over 20 crore electric kilometers across its operations, which extend from Leh to South Indian cities. PMI has benefited from government policies promoting electric vehicle adoption in public transportation.

India’s electric bus sector is experiencing significant growth as the government pushes for sustainable transport solutions. The Ministry of Heavy Industries’ FAME India Scheme has allocated substantial resources to support electric bus procurement for state transport undertakings.

Authum Investment & Infrastructure Director Amit Dangi noted that while electric bus adoption in public transport is still in its early stages, it has strong growth potential. Gruhas partner Abhijeet Pai highlighted that their investment aligns with their focus on innovation and environmental sustainability in transportation.