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Electric bus manufacturer PMI Electro Mobility Solutions has raised an investment of ₹250 crore from Piramal Alternatives, the fund management business of the Piramal Group, to bolster its green mobility initiatives.
The investment has been made through the Performing Credit Fund (PCF), a sector-agnostic fund of Piramal Alternatives, which caters to the capital needs of mid-market companies. According to the company, its maiden investment from PCF, in the form of convertible securities, will be used in developing innovative solutions, technological advancements in its production capabilities, and scaling operations.
“There has been a surge in demand for the deployment of electric buses owing to the PM’s vision of net-zero emissions goals. With an order book of 2,500 buses that is expected to constantly grow going forward, the investment will greatly enhance our technological capabilities and catapult our growth trajectory manifold. We look forward to this long-term partnership,” said Aanchal Jain, CEO, PMI Electro Mobility.
The advent of E-bus for transport, though nascent now, is poised for rapid growth in the coming time, according to Kalpesh Kikani, CEO, Piramal Alternatives. “We will keep looking at potential opportunities for investments in the EV space, particularly those that create a long-term positive impact,” he added. ICICI Securities was the advisor to PMI Electro Mobility for this fund-raise.
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