Electric Bus Maker PMI Raises Rs 250cr To Boost Green Mobility

Electric Bus Maker PMI Raises Rs 250cr To Boost Green Mobility

Indian Electric Bus Maker PMI Electro Mobility has now raised Rs 250 crore investment from Piramal Alternatives. The move will likely help the electric mobility player boost green mobility in the country. The financial partner-Piramal Alternative announced the move.

“We’re happy to announce that PMI Electro Mobility has secured INR 250 Cr investment from the Piramal Performing Credit Fund,a part of Piramal Alternatives, to drive its Green Mobility Initiative. PMI Electro Mobility is India’s leading manufacturer of Electric Buses, and their vision aligns with a positive environmental impact. With the recent surge in demand for electric buses and India’s Net-Zero emissions goals, we are proud to support this journey towards a sustainable future,” a statement from Piramal said. 

It said that this investment would enhance PMI Electro Mobility’s technological capabilities and help scale its operations as it work towards a cleaner, greener India. “Together, we’re driving change and contributing to India’s sustainability agenda,” it added. 

Founded in 2017, PMI has expanded its presence in India. PMI manufactures, assembles and markets electric buses in the country. It claimed to be the only of the few e-bus makers that manufacturers all three-sized electric buses in India. 

Aanchal Jain, Chief Executive Officer (CEO) of PMI said that the new funding would help the firm to develop innovative solutions. “As we aim to support India’s surge in demand for deployment of electric buses aligned to our Prime Minister’s vision of net-zero emissions goals dovetailed with the recently announced PM eBus Sewa scheme, we are happy to have Piramal Alternatives lend their support to us for a bigger mission. The influx will help us develop innovative solutions, bring technological advancements to the # pmielectro’s production capabilities and scale our operations.”

The firm earlier had tied up with the Panasonic Life Solutions India which partnered with PMI Electro Mobility to provide high-tech EV charging infrastructure to support charging of 1,000 electric buses.