PMI Electro Mobility, along with Allfleet, has signed a definitive agreement with KKR for an investment commitment of up to $310 Mn
While the deal will see KKR pick up a minority stake in PMI Electro Mobility, it will lap up a majority stake in Allfleet to help scale the electric bus platform
PMI Electro Mobility previously raised ₹250 Cr in 2025 from Authum Investment & Infrastructure, Nikhil Kamath-backed Gruhas, Antique Securities and others
Electric bus manufacturer PMI Electro Mobility, along with its electric bus platform Allfleet, has signed a definitive agreement with private equity (PE) giant KKR for an investment commitment of up to $310 Mn under its sustainability-focused strategy, KKR Global Climate Transition (GCT).
While the deal will see KKR pick up a minority stake in PMI Electro Mobility, it will lap up a majority stake in Allfleet to help scale the electric bus platform. The transaction will close in mid-2026 and it is subject to customary regulatory approvals, the PE firm said in a statement. With the fresh investment, PMI Electro will focus on expanding its presence across India.
“This investment by KKR marks a defining milestone in our journey and is a powerful endorsement of the integrated electric mobility platform we have built at Allfleet. PMI Electro’s vision is to create a scalable, reliable, and future-ready ecosystem that can transform public transport in India,” PMI Electro’s CEO Aanchal Jain said.
Founded in 2017, PMI Electro Mobility offers an electric bus portfolio comprising 7-metre, 9-metre, and 12-metre models, along with electric school buses. To date, the startup claims to have deployed 3,000 electric buses across more than 30 cities in India.
PMI Electro set up Allfleet as a special purpose vehicle in 2022. The arm procures electric buses from PMI Electro, integrating them with fleet management systems for deployment across public transport services.
Competing with Olectra, Switch Mobility, and Tata Motors, PMI Electro Mobility previously raised ₹250 Cr in 2025 from Authum Investment & Infrastructure, Nikhil Kamath-backed Gruhas, Antique Securities, and associated HNI family offices.
This would mark KKR’s first investment from its GCT initiative in India. The PE firm launched GCT in 2023 to invest in solutions that enhance business-relevant decarbonisation across all sectors of the economy. Its portfolio includes Zenobē, a UK-based transport electrification and battery storage solutions specialist; CleanPeak, an Australian distributed energy platform; EGC, an energy service provider in Germany, among others.
KKR’s India clean tech investment aligns with a broader push in India to electrify transportation. In 2024, the Centre launched the PM E-DRIVE scheme with an outlay of ₹10,900 Cr to promote EVs in the country by offering subsidies.
With the government’s push towards the adoption of electric buses to promote green mobility and reduce emissions, investors have also been interested in backing e-bus operators in India.
Mobility startup IntrCity SmartBus secured INR 250 Cr (about $28.3 Mn) in October last year, to expand and deepen its network, while LeafyBus raised $4.1 Mn last September, to scale its EV fleet and boost its operations, by adding 100 buses to its fleet within the next two years.
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