Private Equity PE Fund Investments
Electric bus maker PMI Electro Mobility raises Rs.250-Cr from Authum, Gruhas, others
Source Inc42 (opens in a new tab)
Gurugram-headquartered Electric bus manufacturer PMI Electro Mobility has raised INR 250 crore (around USD 29 million) through preferential shares from Authum Investment & Infrastructure, Nikhil Kamath-backed Gruhas, Antique Securities, high-net-worth individuals (HNIs) and family offices.The fresh capital will be used to develop innovative solutions, enhance production capabilities, and scale operations.Founded in 2017, PMI Electro Mobility is currently operating 2,000 electric buses across 31 cities across India. The company has an annual manufacturing capacity of over 2,500 electric buses at its Delhi NCR facility, and an order book for over 3,000 electric buses.
Company website ↗ (opens in a new tab)
In Oct 2023, PMI Electro Mobility had raised about USD 30 M from Piramal Enterprises.For FY23, PMI Electro Mobility had reported about INR 511.94 Cr in Operating Income and about INR 5.20 Cr in PAT.