PMI Electro Mobility raises Rs 2.5 billion from Piramal

PMI Electro Mobility Solutions, a manufacturer of electric commercial vehicles, has secured Rs 2.5 billion financing from Piramal Alternatives to boost its clean mobility efforts.

The funding, facilitated by the Performing Credit Fund in the form of convertible securities, will be directed towards the creation of novel solutions, enhancements in technology for production, and the expansion of operational activities. Furthermore, for this fundraising, ICICI Securities served as the advisor to PMI Electro Mobility.

In July 2023, PMI Electro Mobility, announced signing a MoU with REC Limited. The company would receive funding of Rs 4.8 billion from REC Limited up to March 2028 for the next five years.

In January 2021, PMI Electro Mobility collaborated with Panasonic to set up electric vehicle charging networks across 17 Indian urban centers, catering to over 1,000 electric buses and significantly reducing the charging duration to just 40 minutes.