KKR has committed up to $310 million through its Global Climate Transition strategy to acquire a majority stake in Allfleet India Private Limited, the electric‑bus platform of PMI Electro Mobility Solutions, and a minority stake in PMI Electro itself.
This is KKR’s first investment in an Indian electric‑mobility platform and the eighth globally under its climate‑transition strategy. Allfleet, founded in 2022, already operates more than 5,000 e‑buses under long‑term concession agreements with state transport authorities, providing predictable revenue streams for the company.
PMI Electro, the manufacturing arm, reported FY25 consolidated net revenue of Rs 511.51 crores, up 31 % year‑on‑year, operating profit of Rs 52.3 crores, and a net loss of Rs 50.81 crores, compared with a Rs 5 crore loss in FY24. The investment will help the company scale production and support Allfleet’s fleet expansion.
The deal positions KKR to influence the entire value chain—from manufacturing to fleet operations—and aligns with its broader strategy of investing in high‑growth, climate‑aligned assets. KKR’s global climate investments total over $44 billion since 2010, and this transaction expands its footprint in a high‑potential emerging market.
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, and India – with its scale, urbanisation trends, and decarbonisation ambitions – represents one of the most significant opportunities for the sector globally." Aanchal Jain, CEO of PMI Electro and Director of Allfleet, added, "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."
The investment is expected to accelerate the rollout of clean public transport in India, a market projected to reach over $2 billion by 2030‑2035, driven by government schemes such as PM‑eBus Sewa and PM E DRIVE. The partnership will support further expansion and operational support, positioning Allfleet to capture a growing share of the rapidly expanding electric bus market.
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