PE-VC Fund Investments
KKR invests $310-M in electric bus maker PMI Electro
Investor Disclosure Business Line
Global investment firm KKR has agreed to invest USD 310 million in Gurugram-based electric bus manufacturer PMI Electro Mobility . This investment includes a majority stake acquisition in Allfleet, PMI Electro Mobility's fleet management platform, and a minority stake in PMI Electro Mobility's manufacturing business.Founded in 2017 by Satish Kumar Jain and Anurag Agarwal, PMI Electro Mobility currently operates over 3,000 electric buses across cities. The company is also investing INR 1,200 crore in a new manufacturing facility in Ghiloth, Rajasthan, with an annual capacity of 33,000 units.The new funds will be used to expand Allfleet’s portfolio to over 5,000 electric buses in the near term, funding procurement, deployment, and lifecycle maintenance under the Gross Cost Contract (GCC) model.
Between Oct 2023 and Jul 2025, PMI Electro Mobility Solutions had attracted about USD 73 M from Piramal Enterprises, Gruhas, Singularity AMC and others.For FY25, PMI Electro Mobility Solutions had reported about INR 735 Cr in Operating Income and about INR 51 Cr in PAT.
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