PMI Electro Mobility, a dominant player in the electric vehicle sector, has raised a Rs 250 crore in a recent funding round.
The company’s latest infusion of funds through the Performing Credit Fund, which maintains an agnostic stance towards specific sectors, will be channeled towards crucial technological advancements within PMI Electro Mobility’s production plants.
This strategic move is expected to significantly bolster the company’s operational capabilities and pave the way for exponential growth.
PMI Electro Mobility’s Vision for the Future
Dr. Aanchal Jain, the CEO of PMI Electro Mobility, emphasized the significance of this funding in the company’s ongoing journey.
In a recent press statement, she remarked, “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.”
Recent Hurdles and Expansion Plans
Despite the recent funding success, PMI Electro Mobility faced a setback after failing to deliver 14 air-conditioned electric buses out of the 24 promised to the Nagpur Municipal Corporation (NMC). The company received a show-cause notice from the NMC, prompting a swift response from the management.
The company is determined to surmount these challenges and has revealed plans to establish a new manufacturing facility in Pune, aiming to double its current production capacity. According to an Autocar report, the Gurugram-based company seeks to expand its operations and strengthen its presence in the electric vehicle market.
An Overview of PMI Electro Mobility
Founded in 2017 by Satish Kumar Jain, PMI Electro Mobility has been dedicated to providing sustainable and eco-friendly transportation solutions, particularly focusing on buses. With an impressive fleet of over 1,200 vehicles currently operational across several Indian states, including Delhi, Uttar Pradesh, Goa, Kerala, West Bengal, and Maharashtra, the company has been actively contributing to the country’s green mobility initiatives.
The investment has been facilitated by Piramal Alternatives, the fund management division of the renowned Piramal Group.
