PMI Electro Mobility Solutions

What PMI Electro Mobility Solutions does

PMI Electro Mobility Solutions (P) Ltd. is an Indian electric commercial vehicle manufacturer incorporated in 2017, headquartered in Gurugram, Haryana, with a registered office in New Delhi. The company designs and manufactures a portfolio of electric buses spanning 7-meter (Lito), 9-meter (Regio), and 12-meter (Urban) city bus models plus a dedicated 9-meter electric school bus. Core technology centers on LFP batteries with IP67 protection and liquid cooling, PMSM drivetrains with regenerative braking, and an AI-driven real-time monitoring system (RTMS) with GPS, 360-degree CCTV, and predictive diagnostics. Battery assembly is vertically integrated through an in-house robotic, all-women-operated plant in Dharuhera, and operations are supported by 44 MW of depot charging and maintenance infrastructure.

The company's business model is dual-stream: (i) hardware sales of e-buses to State Transport Undertakings, municipal corporations, and airport operators under central government electrification schemes (FAME II, PM e-Bus Sewa, PM E-DRIVE), and (ii) managed-services fleet operation via the Allfleet subsidiary under long-term concession agreements. Over 3,000 e-buses are now deployed across 33 Indian cities, covering more than 550,000 km daily and reportedly preventing over 350,000 metric tons of CO2 emissions cumulatively. PMI held the #1 position in Indian e-bus sales in FY26 with a 24.2% share (1,006 of 4,158 units) and has won a 5,210-bus order under PM E-DRIVE. Pricing economics are positioned around a 20-30% upfront premium vs. diesel/CNG buses offset by 60-80% lower energy and maintenance costs over the asset life.

Distribution is exclusively domestic India and almost entirely B2G, with revenue derived from competitive tenders (CESL, PM E-DRIVE) and direct municipal contracts. The customer base includes STUs and municipal corporations across multiple states, BEST Mumbai (Rs 400 crore contract), Delhi, Ahmedabad, Surat, Rajkot, Goa, HRTC Shimla, and airport operators (Delhi, Chennai). Allfleet — majority-owned by KKR post the March 2026 $310 million investment — is the dedicated platform for the managed-services model targeting 5,000+ e-buses under concession. Manufacturing capacity is being scaled with the addition of a 65+ acre plant in RIICO, Rajasthan, alongside existing Delhi-NCR and Dharuhera facilities. Funding to date includes a 2023 Piramal Alternatives round, a February 2025 INR 250 crore equity raise from Authum Investment, Gruhas, Antique Securities, and HNI family offices, and the March 2026 KKR $310M investment. FY25 revenue was Rs 511.51 crore (31% YoY growth) with a widening net loss of Rs 50.81 crore, reflecting ongoing scale-up investment.

Name

PMI Electro Mobility Solutions

Legal name

PMI Electro Mobility Solutions Pvt. Ltd.

Website

https://pmielectro.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

501–1,000 employees

Short description

PMI Electro Mobility Solutions is an Indian electric-bus manufacturer (7M/9M/12M models plus school bus), serving State Transport Undertakings, municipal corporations, and airport operators under government schemes (FAME II, PM e-Bus Sewa, PM E-DRIVE), and operating a managed-services fleet platform (Allfleet) backed by KKR.

Ownership category

akta.pro rank

Product category

Electric Bus Manufacturing

NAICS

Motor Vehicle Manufacturing (3361), Motor Vehicle Transmission and Power Train Parts Manufacturing (33635), Motor Vehicle Electrical and Electronic Equipment Manufacturing (336320)

SIC

Truck & Bus Bodies (3713), Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Electric Bus (Battery-Electric) Manufacturing (IMACADAE)

akta.pro secondary industries

Bus & Coach Electrical/Electronics & Telematics Manufacturing (IMACADAK), Shuttle/Paratransit & Community Bus Manufacturing (IMACADAD), Electric Drive Unit / E-Axle Manufacturing (Motors/Inverters/Gearboxes) (IMACACAC), Power Electronics Manufacturing (Inverters/DC-DC/Onboard Chargers) (IMACACAD)

Keywords

• Electric bus manufacturing
• Commercial electric vehicles
• Public transport electrification
• Zero emission mobility
• Electric school bus

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Electric Bus Sales: Sale of electric buses (7M, 9M, 12M models and school buses) to government transport authorities, STUs, and municipal corporations under government schemes.
2. Fleet Operations (Allfleet): Long-term operation and management of electric bus fleets under concession agreements with state transport authorities through subsidiary Allfleet India platform.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

PMI Electro Mobility Solutions manufactures electric buses (7-meter, 9-meter, and 12-meter models, plus a dedicated 9-meter school bus variant) powered by LFP battery technology and PMSM drivetrains. The company sells these buses primarily to government State Transport Undertakings, municipal corporations, and airport operators, and additionally operates large-scale electric bus fleets under long-term concession agreements through its subsidiary platform Allfleet India.

Product overview

PMI Electro Mobility is India’s leading electric commercial vehicle manufacturer offering a portfolio of four electric bus models across different sizes (7m, 9m, 12m) plus a dedicated school bus variant. The company operates through its fleet management platform Allfleet and maintains a cutting-edge production facility in Delhi-NCR. Over 3,000 e-buses are actively transforming public transport across 33 cities in India, with battery assembly plants and 44 MW electric bus depots providing comprehensive charging and maintenance support.

Differentiator

Problem solved

Functional benefit

Brands

• Allfleet: Electric bus platform and fleet management services operated by PMI Electro Mobility

Products and services

• Urban (12M) Electric Bus A 12-meter city electric bus for high-end tourism and fleet operations in first-tier cities, featuring 36+D+Wheelchair provision seating, 366.66 kWh LFP battery with 250 km range, and PMSM motor. Targeted at government transport authorities and large urban fleet operators.
• Regio (9M) Electric Bus A 9-meter efficient electric bus for medium and small-sized cities with 30+DD seating, 151 kWh LFP battery, and 150 km range. Designed for city roads, passenger flow, and transformation of urban environments. Targeted at STUs and municipal transport corporations.
• Lito (7M) Electric Bus A 7-meter compact electric bus for branch bus routes in large cities and urban trunks in medium and small-sized cities, with sleek modern design, 21+D seating, 100.2 kWh battery, 100 km range, and enhanced operational flexibility. Targeted at city transport authorities.
• PMI Electric School Bus (9M) A 9-meter electric school bus prioritizing child safety and sustainable transportation, featuring 59+D seating (3x3 configuration), 122.22 kWh LFP battery with 130-150 km range, fast charging in 30-90 minutes, and comprehensive safety systems including 360° CCTV, GPS tracking, and emergency panic buttons. Targeted at educational institutions and school transport operators.
• Allfleet India - Electric Bus Fleet Operations Long-term operation and management of electric bus fleets under concession agreements with state transport authorities, targeting deployment of 5,000+ e-buses across Indian cities. Targeted at government transport authorities and STUs.

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature5 records

Partnerships

Two partnerships are on record, tiered supporting and flagship.

• Foton (China)supportingTechnology or IntegrationCollaboration with Chinese company Foton for manufacturing electric buses. PMI Electro Mobility Solutions collaborated with Foton to produce low-floor electric buses for Delhi government trial run.
• Allfleet India Private LimitedflagshipStrategic or Co-development PartnerPMI Electro's electric bus fleet management platform and subsidiary. Established in 2022, Allfleet operates large-scale electric public transport fleets and is majority-owned by KKR post-investment. On track to deploy 5,000+ e-buses under long-term concession agreements with state transport authorities.

Scale indicators12 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Tata Motors: Tata Motors' Starbus EV range directly competes with PMI Electro for STU and municipal e-bus tenders in India, including under PM E-DRIVE. Backed by the Tata Group's balance sheet and PLI eligibility, it is PMI's most formidable domestic competitor.
• Ashok Leyland (Switch Mobility): Through its EV subsidiary Switch Mobility, Ashok Leyland manufactures electric buses that compete head-to-head with PMI Electro on STU and CESL tenders. As India's legacy bus-market leader, it brings scale and incumbency advantages.
• Olectra Greentech: Olectra (backed by Megha Engineering and via a BYD technical tie-up) is one of India's largest e-bus players and a direct competitor for STU tenders, operating its own fleet in several states in a model similar to PMI/Allfleet.
• JBM Auto: JBM Auto's Ecolife division manufactures and operates electric buses in India, competing with PMI in both OEM supply and depot-based fleet operation. It has secured multiple government e-bus orders similar to PMI's pipeline.
• Switch Mobility: Ashok Leyland's dedicated EV subsidiary (now incorporating the former Optare UK business) directly contests PMI for urban and intercity e-bus tenders, with comparable vehicle portfolios and growing Indian manufacturing capacity.
• Foton: Chinese commercial-vehicle OEM that partnered with PMI Electro for low-floor e-bus production in India. Foton is both a technology partner and a competing supplier for STU tenders, creating an awkward dual relationship.

Emerging players

• BYD: Global EV leader whose bus platform underpins Olectra's Indian e-bus lineup. BYD is an indirect but strategic competitor to PMI in the technology stack and in airport/airport-shuttle deployments.
• GreenCell Mobility: India-focused electric bus operator with backing from Eversource Capital. Competes with PMI's Allfleet platform in the asset-light, concession-based e-bus operating model across multiple Indian states.

Broad incumbents

• Eicher Motors (Volvo Buses JV): Through its Volvo Buses joint venture (VE Commercial Vehicles), Eicher is exposed to India's premium e-bus segment. It is a broader incumbent competing for high-end intercity and corporate fleet tenders rather than mass-market STU deals.

Others

• CESL (Convergence Energy Services): Government of India entity that aggregates and tenders large-scale e-bus procurements. CESL is not a competitor but a critical channel/customer through which PMI wins most of its mass orders, making it a key ecosystem participant.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/pmi-electro-mobility-solutions-private-limited
• Xx.com/pmi_electro

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PMI Electro Mobility Solutions