PMI Electro Mobility Solutions Bags Rs 250 Cr Funding

PMI Electro Mobility Solutions, an electric commercial vehicle manufacturer has raised 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 group led by Authum Investment & Infrastructure Limited (Authum) includes Antique Securities, related family offices and Nikhil Kamath's backed Gruhas, the company said.

This new funding will help the company speed up its plans, such as developing new solutions, improving production technology and growing its operations, PMI Electro Mobility said.

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These improvements will boost the company's position in India's growing electric vehicle (EV) market and help promote eco-friendly urban transportation.

"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 strong government backing through supportive policies and forward-thinking programs, this shift is picking up speed, he added.

About PMI Electro Mobility Solutions

Founded in 2017, PMI Electro Mobility Solutions makes electric commercial vehicles and has a production facility in Delhi-NCR with a capacity to produce 2,500 units a year. The plant makes 7, 9, and 12-meter electric buses, as well as electric school buses. PMI Electro Mobility has an order book of over 3,000 electric buses, according to the company.

The company secured its first round of funding in 2023 from Piramal Alternative Funds through its Performing Credit Fund. PMI Electric Mobility said that this initial investment, in the form of convertible securities, helped the company get on its current growth path.

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