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.
The freshly raised capital will bolster company's business expansion and sustainability issues, PMI Electro Mobility said in a statement.
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.
The investment has been made through the Piramal Alternatives' Performing Credit Fund (PCF), a sector-agnostic fund that caters to the capital needs of mid-market companies, PMI Electro Mobility said.
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.