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Electric bus manufacturer PMI Electro Mobility Solutions Pvt Ltd on Thursday announced that it has received a strategic investment of Rs 250 crore from Piramal Alternatives to bolster its green mobility initiatives. The investment has been made via the Performing Credit Fund (PCF).
It is PMI Electro Mobility's first investment in the form of convertible securities. The funds will be used to develop innovative solutions, bring technological advancements to its production capabilities and scale its operations, the company said.
ICICI Securities was the advisor to PMI Electro Mobility for this fundraise.
"There has been a surge in demand for deployment of electric buses owing to the honourable Prime Minister's vision of net-zero emissions goals dovetailed with the recently announced PM eBus Sewa scheme. It is a cause we strongly believe in, and it is indeed our privilege to be part of this journey and contribute to the nation's ambitious target," said Aanchal Jain, chief executive officer of PMI Electro Mobility.
"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. We look forward to this long-term partnership," Aanchal added.
"The advent of E-bus for transport, though nascent now, is poised for rapid growth in the coming time. We will keep looking at potential opportunities for investments in the EV space, particularly those that create a long-term positive impact keeping in mind environment, social and governance considerations," said Kalpesh Kikani, CEO of Piramal Alternatives.
