Authum Investment & Infrastructure Ltd and Nikhil Kamath-backed Gruhas, among others, have made fresh bets in the electric vehicle segment with PMI Electro Mobility Solutions Pvt Ltd, a manufacturer of electric buses.
Authum Investment and Gruhas, along with Antique Securities and associated high-net-worth individual (HNI) family offices, have pumped in fresh funding of Rs 250 crore (about $28.8 million) in PMI Electro via a preferential allotment of equity shares.
This is the second major investment for PMI Electro in just over a year. It had raised its first round of funding in 2023 from Piramal Alternative Funds by way of convertible securities. According to data by VCCEdge, the Piramal fund had invested Rs 250 crore into the company.
With a strong order book of over 3,000 electric buses, PMI Electro will use the funds for the development of innovative solutions, technological advancements in production capabilities, and scaling of operations.
“Our investment in PMI Electro Mobility is to support green mass mobility and the EV sector in India. The adoption of electric buses in the public transport system is still in its nascent stages, and we believe it is on the cusp of rapid growth,” Amit Dangi, director at Authum Investment & Infrastructure, said.
Incorporated in 2017, PMI Electro, which has its production facility in Delhi-National Capital Region, has an annual manufacturing capacity of over 2,500 electric buses. It majorly develops 7-metre, 9-metre, and 12-metre electric buses and electric school buses. As of March 2023, it had revenue of over Rs 500 crore.
Since inception, the company has achieved over 200 million electric kilometers (e-kms), operating a fleet of 2,000 electric buses across 31 cities in the country. It now plans to expand its fleet to over 5,000 in the next 24 months amid the government’s plans to ramp up sustainable urban and rural mobility.
