KKR Commits USD 310 Mn to PMI Electro, Allfleet in India E-Bus Push
The transaction is expected to close by mid-2026, subject to customary regulatory approvals.
Aanchal Jain, CEO of PMI Electro and Director at Allfleet
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Global investment firm KKR has announced a strategic partnership with PMI Electro Mobility Solutions and its electric bus platform Allfleet India, committing up to USD 310 million to expand electric public transport infrastructure in India.
Under the agreement, KKR-managed funds will acquire a majority stake in Allfleet and a minority stake in PMI Electro. The investment marks the first deployment from KKR’s Global Climate Transition strategy in India and reflects growing investor interest in sustainable mobility solutions in the country.
Established in 2022, Allfleet operates as PMI Electro’s dedicated electric bus platform, focusing on developing, owning, and managing large-scale electric bus fleets. The company is currently on track to deploy more than 5,000 electric buses through long-term concession and service agreements with multiple state transport authorities across major Indian cities.
Allfleet’s operating model integrates vehicle deployment, fleet management systems, and execution capabilities aimed at ensuring reliability and efficiency in public transport services. The platform is designed to support the full lifecycle of electric buses, from manufacturing and financing to operations and maintenance.
PMI Electro, which manufactures electric commercial vehicles, offers a range of electric buses including 7-metre, 9-metre, and 12-metre variants, as well as electric school buses. The company has already deployed over 3,000 electric buses across more than 30 cities in India, contributing to the adoption of cleaner mobility solutions.
KKR said the investment will help scale Allfleet’s operations and enhance its ability to partner with public transport authorities to expand electric bus fleets. The collaboration is also expected to strengthen PMI Electro’s manufacturing and service capabilities.
“Transport electrification is a critical pillar of the energy transition, and India – with its scale, urbanization trends, and decarbonization ambitions – represents one of the most significant opportunities for the sector globally,” said Neil Arora, Partner and Head of KKR’s Climate Transition strategy for Asia Pacific. “The differentiated combination of Allfleet’s proven, scalable platform and PMI’s manufacturing and service expertise stands out as a full-service solution in this market.”
Aanchal Jain, CEO of PMI Electro and Director at Allfleet, described the investment as a key milestone. “This investment by KKR marks a defining milestone in our journey and is a powerful endorsement of the integrated electric mobility platform we have built at Allfleet,” she said. “Clean, efficient, and accessible public transport will play a central role in shaping a more sustainable future.”
She added that the partnership would support responsible expansion across Indian cities while aligning global capital with domestic manufacturing and operational expertise. “This collaboration reflects the alignment of institutional capital, Indian manufacturing capabilities, and on-ground execution in delivering mobility solutions of national relevance,” Jain noted.
KKR has been actively investing in climate and sustainability initiatives globally, with over USD 44 billion committed since 2010. Its portfolio includes companies and platforms focused on transport electrification, renewable energy, and energy storage across multiple regions.
The transaction is expected to close by mid-2026, subject to customary regulatory approvals.
Global investment firm KKR has announced a strategic partnership with PMI Electro Mobility Solutions and its electric bus platform Allfleet India, committing up to USD 310 million to expand electric public transport infrastructure in India.
Under the agreement, KKR-managed funds will acquire a majority stake in Allfleet and a minority stake in PMI Electro. The investment marks the first deployment from KKR’s Global Climate Transition strategy in India and reflects growing investor interest in sustainable mobility solutions in the country.
Established in 2022, Allfleet operates as PMI Electro’s dedicated electric bus platform, focusing on developing, owning, and managing large-scale electric bus fleets. The company is currently on track to deploy more than 5,000 electric buses through long-term concession and service agreements with multiple state transport authorities across major Indian cities.
