PMI Electro Mobility Secures Rs 250 Crore Funding for Electric Bus Production
- ByStartupStory | October 25, 2023
India’s premier electric bus manufacturer, PMI Electro Mobility, has successfully secured substantial funding of Rs 250 crore from Piramal Alternatives, the fund management arm of the Piramal Group. This funding was channeled through the Performing Credit Fund, a sector-agnostic initiative aimed at investing in mid-market companies. PMI Electro Mobility has outlined plans to employ these funds for the enhancement of its production plant technology and the expansion of its operational capacity.
Dr. Aanchal Jain, the CEO of PMI Electro Mobility, expressed enthusiasm for the investment from Piramal Alternatives, stating, “With an order book of 2,500 buses that is expected to constantly grow going forward, the investment from Piramal Alternatives will greatly enhance our technological capabilities, and catapult our growth trajectory manifold.”
Notably, PMI Electro Mobility recently faced challenges with the Nagpur Municipal Corporation (NMC) due to its failure to deliver 14 out of the 24 promised air-conditioned electric buses, leading to a show-cause notice from the NMC. In response, the Gurugram-based company is actively planning the establishment of a manufacturing facility in Pune, intending to double its production capacity, as reported by Autocar.
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Founded in 2017 by Satish Kumar Jain, PMI Electro Mobility specializes in providing eco-friendly alternatives for public vehicles, particularly buses. Presently, the company has more than 1,200 vehicles in operation across various regions in India, including Delhi, Uttar Pradesh, Goa, Kerala, West Bengal, and Maharashtra. This recent funding injection is expected to further empower the company’s mission to advance green mobility solutions in the country.
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