KKR to Invest $310 Million in PMI Electro to Scale Electric Bus Platform in India

Global investment firm Kohlberg Kravis Roberts & Co. L.P. (KKR) has signed definitive agreements to commit up to $310 million in Allfleet India and PMI Electro Mobility. The investment will form a strategic partnership to scale electric bus operations in India. 

KKR-managed funds will acquire a majority stake in Allfleet and a minority stake in PMI Electro. This marks the first KKR Global Climate Transition investment in India and the strategy's eighth investment globally.

Allfleet is PMI Electro's Dedicated E-Bus Platform

Allfleet was established in 2022 as PMI Electro's electric bus platform. It focuses on developing, owning, and operating large-scale electric public transport fleets. The company operates through subsidiaries under long-term concession and service agreements with multiple state transport authorities. Allfleet is on course to deploy a fleet of more than 5,000 e-buses across key cities in India.

PMI Electro is a Leading Electric Bus Manufacturer

PMI Electro manufactures electric commercial vehicles in India. Its portfolio includes 7-metre, 9-metre, and 12-metre electric bus models along with electric school buses. 

To date, more than 3,000 PMI electric buses have been deployed across over 30 cities in India. The company also bagged the biggest order of 5,210 electric buses under the Rs 10,900 crore PM E-Drive scheme, beating legacy automakers like Tata Motors and Ashok Leyland.

Investment to Support Fleet Expansion and Manufacturing

KKR's investment will support Allfleet's continued growth and strengthen its ability to collaborate with public transport authorities to expand e-bus fleets. 

It will also advance PMI Electro's manufacturing capabilities. The partnership builds on an integrated, end-to-end solution spanning manufacturing, ownership, operations, and lifecycle support enabled by the ongoing collaboration between Allfleet and PMI Electro.

KKR Executive Comments on the Opportunity

Neil Arora, Partner and Head of KKR's Climate Transition strategy for Asia Pacific, said transport electrification is a critical pillar of the energy transition. He noted that India, with its scale, urbanization trends, and decarbonization ambitions, represents one of the most significant opportunities for the sector globally. He added that the combination of Allfleet's scalable platform and PMI Electro's manufacturing and service expertise stands out as a full-service solution in this market.

PMI Electro CEO Calls Investment a Defining Milestone

Aanchal Jain, CEO of PMI Electro and Director of Allfleet, said this investment marks a defining milestone in their journey. She stated it is a powerful endorsement of the integrated electric mobility platform they have built at Allfleet. 

PMI Electro's vision is to create a scalable, reliable, and future-ready ecosystem that can transform public transport in India. Alongside KKR, the company will continue to focus on responsible scale-up and expanding its presence across Indian cities.

KKR's Climate Transition Track Record

KKR is making this investment from its Global Climate Transition strategy. Since 2010, KKR has committed more than $44 billion to climate and environmental sustainability investments globally. 

Other KKR Climate investments include Zenobē, a UK-based transport electrification specialist, and Avantus, a solar developer in the US. The transaction is expected to close in mid-2026, subject to customary regulatory approvals.

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