Saturday, March 2, 2024
HomeInsightFunding Alert PMI Electro Mobility Solutions Raises Rs 250 cr Funding from Piramal...

[Funding alert] PMI Electro Mobility Solutions Raises Rs 250 cr Funding from Piramal Alternatives

Piramal Alternatives has provided strategic finance totaling Rs 250 cr to PMI Electro Mobility Solutions, a manufacturer of electric buses. According to a statement from PMI Electro Mobility, the recently collected funds will support the company's efforts to expand its business and address sustainability-related challenges.

Piramal Alternatives has provided strategic finance totaling Rs 250 cr to PMI Electro Mobility Solutions, a manufacturer of electric buses. According to a statement from PMI Electro Mobility, the recently collected funds will support the company’s efforts to expand its business and address sustainability-related challenges.

According to the statement, the cash will be strategically used to scale the business operations, create novel solutions, and integrate cutting-edge technology into its capacity for manufacturing.

Read also – [Funding alert] SaaS Platform Blubirch Secures $6.37 Mn in Series A Funding

“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,” Aanchal Jain, CEO at PMI Electro Mobility, said said

As of right now, PMI Electro Mobility is the only firm in India producing all three sizes of E-Buses. They are also in the business of manufacturing, assembling, marketing, and selling electric buses.

Read also – [Funding alert] Aditya Birla Fashion’s TMRW Backs The Indian Garage Co

“We will keep looking at potential opportunities for investments in the EV space, particularly those that create a long-term positive impact keeping in mind environment, social and governance considerations,” Kalpesh Kikani, CEO of Piramal Alternatives, said.

Currently operating in Uttar Pradesh, Himachal Pradesh, Goa, Maharashtra, West Bengal, Odisha, Gujarat, Kerala, UT of Ladakh, and the nation’s capital, Delhi, are more than 1,200 PMI electric buses, as reported by The Economic Times.

Read also – Global Startup Accelerator Turbostart Offers Early-stage Startups A Chance To Secure Up To $1mn In Funding

About PMI Electro Mobility Solutions

Aiming to realize the goal of bringing Emission Free Passenger E-mobility Solutions in India, they took note of the deteriorating air quality and the rising emissions of hydrocarbons and carbon monoxide in the atmosphere. Following that, in June 2017, PMI Electro Mobility Solutions Private Limited was established.

Viestories

RELATED ARTICLES
- Advertisment -

Most Popular

- Advertisment -

Also Read

- Advertisment -