PMI Electro Mobility Solutions gets Rs 250 Cr funding
The EV maker will use funds to accelerate the development of innovative solutions, production capabilities, and scaling of operations.
Electric commercial vehicle manufacturer PMI Electro Mobility Solutions on Friday said it secured a Rs 250 crore strategic investment from a consortium of investors through a preferential allotment of equity shares, in its second round of private equity funding.
The consortium led by Authum Investment & Infrastructure Limited (Authum), includes Antique Securities and associated HNI family offices and Nikhil Kamath-backed Gruhas, the company said.
The fresh capital infusion will enable the company to accelerate its strategic initiatives, including the development of innovative solutions, technological advancements in production capabilities, and scaling of operations, PMI Electro Mobility said.
These advancements will further strengthen the company's position in India's burgeoning electric vehicle (EV) sector and contribute significantly to sustainable urban mobility, it added.
Incorporated in 2017, the electric commercial vehicle maker has a 2,500-unit annual capacity production facility in Delhi-NCR, which produces 7, 9, and 12-metre electric buses and electric school buses.
PMI Electro Mobility has a robust order book of over 3,000 electric buses, as per the company.
"This is our second round of private equity investment, which reinforces our commitment to advancing green mobility initiatives and accelerating the adoption of electric buses within the country's public transport system," said Aanchal Jain, CEO of PMI Electro Mobility.
With robust government support, driven by progressive policies and visionary programs, this transition is gaining significant momentum, he added.
The company raised its first round of funding in 2023 from Piramal Alternative Funds under its sector-agnostic Performing Credit Fund (PCF), PMI Electric Mobility said adding this initial financing, which occurred in the form of convertible securities, paved the way for the company in its current growth path.
Edited by Suman Singh