PMI Electro Mobility Gathers ₹250 Crore Strategic Investment via Consortium Headed by Authum and Gruhas

Gurugram/Mumbai, February 14, 2025 – One of India's leading producers of electric buses, PMI Electro Mobility Solutions Pvt. Ltd, has secured a strategic investment of ₹250 crore from a consortium headed by Authum Investment & Infrastructure Limited (Authum), Antique Securities, associated HNI family offices, and Gruhas, backed by Nikhil Kamath. Raised through a preferential allotment of equity shares, the investment reflects strong investor confidence in PMI Electro Mobility's vision and expansion strategy.

Engineering Growth and Innovation in the EV Industry

With a robust order book of over 3,000 electric buses, this newly acquired funding will enable PMI Electro Mobility to accelerate strategic initiatives, enhance production capacity, and scale operations. The investment will also drive technological advancements and innovative mobility solutions, reinforcing PMI's role in India's growing EV market. Expanding sustainable urban and rural mobility nationwide will be a key focus.

Operating a fleet of 2,000 electric buses across 31 cities, from the demanding terrain of Leh to the humid climates of South India, PMI Electro Mobility has already surpassed an impressive milestone of 20 crore electric kilometers (e-kms) since its inception in 2017. With plans to expand its fleet to nearly 5,000 buses within the next 24 months, PMI remains committed to supporting India's transition to sustainable transportation.

Leadership Insights on the Investment

Dr. Aanchal Jain, CEO, PMI Electro Mobility:

“We welcome Authum, Antique Securities, associated HNI family offices, and Gruhas as our strategic partners in revolutionizing sustainable mobility in India. This second round of private equity funding reinforces our commitment to green mobility initiatives and accelerates the adoption of electric buses in public transport. With strong government support, progressive policies, and the visionary leadership of Hon'ble Prime Minister Shri Narendra Modi, India's EV transition is progressing rapidly. We take immense pride in contributing to this transformative journey and shaping the future of mobility.”

Amit Dangi, Director, Authum Investment & Infrastructure:

“At Authum, we believe sustainable financing is crucial to the future of our economy. Our investment in PMI Electro Mobility underscores our commitment to green mass transportation and India's EV sector. While the adoption of electric buses in public transport is still in its early stages, we anticipate rapid expansion. We are excited to support PMI in leading India's green mobility revolution. This partnership aligns with our vision of delivering positive environmental, social, and governance (ESG) outcomes, and we look forward to contributing to the transformation of India's transportation landscape.”

Abhijeet Pai, Partner, Gruhas:

“At Gruhas, we believe the future is built on the foundations of sustainability and innovation. PMI Electro Mobility is redefining urban transportation in India through its commitment to electric mobility and environmental responsibility. Our investment reflects a shared vision of accelerating India's transition to a greener, more sustainable future, creating meaningful impact for future generations.”

Strengthening PMI Electro Mobility’s Market Position

This marks PMI Electro Mobility’s second major investment in just over a year. In 2023, the company secured its first round of funding from Piramal Alternative Funds under its Performing Credit Fund (PCF). This initial investment, in the form of convertible securities, laid the foundation for PMI’s current growth trajectory.

About PMI Electro Mobility

Founded in 2017, PMI Electro Mobility is India’s leading electric commercial vehicle manufacturer, operating a state-of-the-art production facility in Delhi-NCR. As one of India’s top OEMs (Original Equipment Manufacturers), PMI produces 7-meter, 9-meter, and 12-meter electric buses, including electric school buses, with an annual production capacity of approximately 2,500 electric buses. The company is dedicated to revolutionizing public transportation by providing sustainable mobility solutions that reduce emissions, improve energy efficiency, and enhance the passenger experience.