Global private equity firm KKR will invest $310 million in PMI Electro to expand its Allfleet electric bus platform and manufacturing capabilities, marking KKR's first climate transition investment in India. KKR will acquire a majority stake in Allfleet and a minority stake in PMI Electro, which has deployed more than 3,000 electric buses across over 30 Indian cities since its 2017 founding. Allfleet plans to deploy more than 5,000 electric buses under long term concession and service agreements with state transport authorities.
Why it matters: The deal signals major institutional capital flowing into Indian electric bus infrastructure, creating procurement opportunities as Allfleet scales its fleet operations with state transport authorities. For charging point operators, the planned deployment of over 5,000 buses will require substantial depot charging infrastructure across multiple cities.