Electric bus manufacturer PMI Electro Mobility has raised 250 crore rupee (US$29 million) through a funding round via preferential allotment of equity shares.

Investors include Authum Investment & Infrastructure, Gruhas, Antique Securities, and several high-net-worth family offices.

The funds will be used to improve production capabilities, scale operations, and develop new solutions.

Founded in 2017, PMI manufactures electric buses and operates a fleet of 2,000 buses across 31 cities.

It has an annual manufacturing capacity of over 2,500 buses at its Delhi NCR facility and holds an order book for more than 3,000 vehicles.

This marks PMI’s second major fundraising effort after securing 250 crore rupee (US$2.62 billion) from Piramal Alternative Funds in 2023.

The funding comes amid India’s push for electric vehicle adoption, supported by the 10,900 crore rupee (US$114.36 billion) PM E-DRIVE scheme to procure over 14,000 electric buses.

India’s EV market, valued at US$54 billion, is projected to reach US$132 billion by 2030, creating significant growth opportunities in the sector.