India’s largest electric bus manufacturer has raised Rs 250 crore in a funding round from Piramal Alternatives, Piramal Group’s fund management business.
The funds were invested via the Performing Credit Fund, which is a sector-agnostic fund put together by Piramal Alternatives to invest in mid-market companies.
PMI Electro Mobility said it will use the funds to upgrade the technology at its production plants and scale its operations.
“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,” said Dr Aanchal Jain, CEO of PMI Electro Mobility, in a press statement.
PMI Electro recently landed itself in a soup with the Nagpur Municipal Corporation (NMC) after it failed to deliver 14 air-conditioned electric buses out of the 24 it had promised. NMC had issued a show-cause notice to the company.
The Gurugram-based company is also planning to set up a manufacturing facility in Pune to double its production capacity, according to an Autocar report.
PMI Electro Mobility was founded in 2017 by Satish Kumar Jain to manufacture greener alternatives to public transportation vehicles, especially buses. The company has over 1,200 vehicles on the road currently across Delhi, UP, Goa, Kerala, West Bengal, and Maharashtra.
Edited by Megha Reddy
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