The funds are planned to be strategically utilised in developing innovative solutions, bring technological advancements to the company’s production capabilities and scale its operations

Electric bus maker PMI Electro Mobility Solutions on Wednesday announced raising funds in the form of strategic investment to the tune of Rs 250 crore from Piramal Alternatives, the fund management business of the Piramal Group.In a statement, PMI Electro Mobility stated that the recently secured funds will support the company’s commercial expansion and sustainability concerns.

The funds are planned to be strategically utilised in developing innovative solutions, bring technological advancements to the company’s production capabilities and scale its operations, it said.

As stated by PMI Electro Mobility, the investment was made through Piramal Alternatives’ Performing Credit Fund (PCF), a sector-neutral fund that meets the capital requirements of mid-market businesses.

Futher, the company said it has received its maiden investment from PCF in the form of convertible securities.

There has been a surge in demand for deployment of electric buses owing to the government’s vision of net zero emission goals dovetailed with recently announced PM eBus Sewa scheme, Aanchal Jain, CEO at PMI Electro Mobility, said.

“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,” he said.

“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,” Kalpesh Kikani, CEO of Piramal Alternatives, said.

Over 1,200 PMI electric buses are currently plying in Uttar Pradesh, Himachal Pradesh, Goa, Maharashtra, West Bengal, Odisha, Gujarat, Kerala, UT of

Ladakh as well as in national capital of Delhi, the company said.