KKR to invest $310M in PMI Electro’s EV bus platform Allfleet

KKR, one of the world’s leading private equity firms, has committed $310 million to commercial electric vehicle (EV) manufacturer PMI Electro’s EV bus operating platform, Allfleet.

According to the company, the transaction will see KKR acquire a majority stake in Allfleet and a minority stake in PMI Electro. The investment will be used to scale Allfleet’s electric bus (e-bus) platform and strengthen PMI Electro’s manufacturing capabilities.

The deal also marks KKR Global Climate Transition’s first investment in India and its eighth globally, including recent investments in Australia. Since 2010, KKR has committed more than $44 billion to climate and environmental sustainability investments.

“Transport electrification is a critical pillar of the energy transition, and India–with its scale, urbanisation trends, and decarbonisation ambitions–represents one of the most significant opportunities for the sector globally,” said Neil Arora, Partner and Head of KKR’s Climate Transition strategy for Asia Pacific.

Founded in 2022, Allfleet develops, owns, and operates large-scale electric public transport fleets. It is on track to deploy more than 5,000 e-buses under long-term concession and service agreements with multiple state transport authorities, helping meet urban mobility needs across key cities.

“PMI Electro’s vision is to create a scalable, reliable, and future-ready ecosystem that can transform public transport in India. As our cities grow and mobility needs evolve, clean, efficient, and accessible public transport will play a central role in shaping a more sustainable future,” said Aanchal Jain, CEO, PMI Electro and Director, Allfleet.

The statement said KKR’s investment will support Allfleet’s continued growth and strengthen its ability to collaborate with public transport authorities to expand e-bus fleets across key cities.

PMI Electro, an Indian manufacturer of electric commercial vehicles, offers a portfolio of 7-metre, 9-metre, and 12-metre electric buses, along with electric school buses. To date, more than 3,000 PMI electric buses have been deployed across over 30 cities in India.