Funding · Mobility & Logistics

PMI Electro Mobility secures $310 million from KKR

By Startup Enthusiast · 18 March 2026

What they do

PMI Electro Mobility builds electric buses for public transport across India

KKR leads a $310 million investment under its Global Climate Transition strategy

The deal marks KKR's first Indian investment in its new climate-focused initiative

PMI Electro Mobility signed a definitive agreement with KKR for an investment commitment of up to $310 million.
KKR is the lead investor in this transaction through its Global Climate Transition (GCT) initiative.
The GCT initiative focuses on investments that enhance business-relevant decarbonisation solutions globally.
KKR will take a minority stake in PMI Electro Mobility while holding a majority stake in Allfleet.
Allfleet is a special purpose vehicle set up by PMI Electro in 2022 to manage fleet operations.
The transaction is expected to close in mid-2026 subject to customary regulatory approvals.
This investment marks KKR’s first deployment from its GCT initiative within the Indian market.
PMI Electro plans to use the funds to expand its presence across more cities in India.

KKR launched its GCT initiative in 2023 to invest in global decarbonisation technologies.
The portfolio includes companies like Zenobē in the UK and CleanPeak in Australia.
Investors are increasingly backing e-bus operators due to government pushes for green mobility.
The Centre launched the PM E-DRIVE scheme in 2024 with a ₹10,900 Cr outlay.
This policy aims to promote electric vehicles through subsidies to reduce emissions nationwide.

PMI Electro Mobility manufactures electric buses including 7-metre, 9-metre, and 12-metre models.
The company also produces dedicated electric school buses for educational institutions.
It has deployed 3,000 electric buses across more than 30 cities in India.
Allfleet procures these buses from PMI Electro to integrate fleet management systems.
The integrated system supports deployment across various public transport services in urban areas.
The company was founded in 2017 and is led by CEO Aanchal Jain.
Previous funding included ₹250 Cr raised in 2025 from multiple institutional investors.
Competitors in the sector include Olectra, Switch Mobility, and Tata Motors.

KKR (lead) — Global investment firm leading via its Global Climate Transition initiative.

Product: Electric buses and related mobility solutions
Customers: Transit operators, fleet buyers, and public transport agencies
How it makes money: Manufactures and sells electric buses to institutional buyers
What sets it apart: Large operating fleet, manufacturing capacity, and a sizable order book
Operations: Manufactures e-buses at a Delhi NCR facility and operates across multiple Indian cities