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Venture Capital

PMI Electro Mobility secures USD29.5 million from investment consortium

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By RACE Innovations Pvt Ltd - 6th June 2025

PMI Electro bus plant, Haryana

India - PMI Electro Mobility Solutions Pvt Ltd (PMI Electro) of Haryana, a manufacturer of electric vehicles has raised USD 29.5 million through a preferential allotment of equity shares. The investment comes from a consortium led by Mumbai based Authum Investment & Infrastructure Ltd and Bangalore-based Gruhas, marking a key step in the company's expansion within India's rapidly growing electric vehicle market.

Currently, PMI Electro operates 2,000 electric buses across 31 cities in India and has an order book of more than 3,000 vehicles. PMI Electro states new equity funding will support technological advancements in production and scaling of operations. This investment follows a previous funding round from Piramal Alternative Funds in 2023, through convertible securities.

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