Strengthening its focus on sustainable mobility in India, a global investment firm is backing the growth of electric public transport with a major funding commitment.
Private equity firm KKR has announced an investment of up to $310 Mn in PMI Electro Mobility Solutions and its e-bus platform, Allfleet. This marks KKR’s first climate transition investment in India and highlights the rising momentum in clean transportation.
Under the deal, KKR will acquire a majority stake in Allfleet and a minority stake in PMI Electro. The financial details of the transaction have not been disclosed.
PMI Electro manufactures electric commercial vehicles, including urban and school e-buses. Allfleet focuses on operating and managing large-scale electric public transport fleets.
The funding will support the expansion of Allfleet’s operations, which is already working to deploy over 5,000 e-buses through partnerships with multiple state transport authorities.
The investment aligns with India’s broader push towards electric mobility under the PM-eBus Sewa initiative. The program aims to deploy 10,000 electric buses across cities under a public-private partnership model, with a total outlay of ₹576.13 Bn ($6.23 Bn).
Commenting on the partnership, Aanchal Jain, CEO of PMI Electro, said, “As our cities grow and mobility needs evolve, clean, efficient, and accessible public transport will play a central role in shaping a more sustainable future. Alongside KKR, the company will continue to focus on responsible scale-up and expanding its presence across Indian cities.”
The transaction is expected to close by mid-2026, subject to regulatory approvals.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream LinkedIn | The Mainstream Facebook | The Mainstream Youtube | The Mainstream Twitter
About us:
The Mainstream is a premier platform delivering the latest updates and informed perspectives across the technology business and cyber landscape. Built on research-driven, thought leadership and original intellectual property, The Mainstream also curates summits & conferences that convene decision makers to explore how technology reshapes industries and leadership. With a growing presence in India and globally across the Middle East, Africa, ASEAN, the USA, the UK and Australia, The Mainstream carries a vision to bring the latest happenings and insights to 8.2 billion people and to place technology at the centre of conversation for leaders navigating the future.
