PMI Electro Mobility, a bus manufacturer, has raised Rs 250 crore in a funding round from Piramal Alternatives, the fund management arm of the Piramal Group.
The investment was made through the sector-agnostic Performing Credit Fund, created by Piramal Alternatives to support mid-market companies.
PMI Electro Mobility plans to employ the funds for technological enhancements at its production facilities and to expand its operations. The company boasts an order book of 2,500 buses, which is expected to grow continuously.
Aanchal Jain, CEO of PMI Electro Mobility, said “With an order book of 2,500 buses that is expected to constantly grow going forward, the investment from Piramal Alternatives will greatly enhance the company’s technological capabilities and catapult its growth trajectory manifold.”
Recently, PMI Electro Mobility faced issues with the Nagpur Municipal Corporation (NMC) after failing to deliver 14 air-conditioned electric buses out of the 24 promised. The company received a show-cause notice from NMC as a result.
PMI Electro Mobility was founded in 2017 by Satish Kumar Jain to produce eco-friendly alternatives for public transportation vehicles, particularly buses. The company currently has over 1,200 vehicles operating across Delhi, UP, Goa, Kerala, West Bengal and Maharashtra.
The investment is a significant step towards supporting the government’s vision of achieving net-zero emissions and the recently introduced PM e-bus Sewa scheme.
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