KKR has committed up to $310 million to India’s electric bus sector, investing in PMI Electro Mobility and its operating platform Allfleet as part of its global climate strategy.
The investment, made through KKR’s Global Climate Transition Fund, marks the fund’s first deployment in India. Under the agreement, KKR will acquire a majority stake in Allfleet and a minority stake in PMI Electro, aiming to accelerate the expansion of electric bus fleets and boost manufacturing capacity.
Founded in 2017, PMI Electro has deployed more than 2,900 battery-electric buses across 31 cities in India. Its portfolio includes buses in multiple sizes as well as electric school buses, targeting a wide range of urban mobility needs.
Allfleet, established in 2022, focuses on developing, owning and operating large-scale electric bus fleets. The platform is currently working toward deploying over 5,000 electric buses under long-term agreements with state transport authorities, as cities seek to modernize public transport systems and reduce emissions.
Neil Arora said transport electrification represents a key opportunity in India due to urbanisation trends and decarbonisation goals, adding that the partnership combines fleet operations and manufacturing capabilities into a scalable solution.
Aanchal Jain said the investment supports the company’s efforts to build an integrated electric mobility ecosystem capable of transforming public transport.
KKR has been expanding its climate-focused investments globally, including stakes in companies such as Zenobē and EGC, as it targets opportunities in energy transition sectors.
The latest deal underscores growing investor interest in electric public transport infrastructure in emerging markets, where demand for sustainable urban mobility is rising rapidly.
