KKR to Invest $310M in PMI Electro and Allfleet

In a strategic partnership announced in Mumbai on March 18, 2026, KKR has agreed to invest up to $310 million in electric bus manufacturer PMI Electro Mobility Solutions and its operating platform Allfleet India. As part of the deal, KKR will acquire a majority stake in Allfleet and a minority stake in PMI Electro. The transaction is expected to close by mid-2026, subject to regulatory approvals.

This marks KKR’s first India investment under its Global Climate Transition strategy. The capital will be used to scale Allfleet’s fleet operations across urban centers and enhance PMI Electro’s manufacturing capabilities. Founded in 2022, Allfleet focuses on owning, operating, and managing electric bus fleets through long-term agreements with state transport authorities.

The company aims to deploy over 5,000 e-buses, positioning itself as a major player in India’s growing electric public transport segment. Meanwhile, PMI Electro manufactures electric buses in 7m, 9m, and 12m configurations, along with electric school buses, and has already deployed over 3,000 buses across more than 30 cities.

With rising demand for electric buses supported by government initiatives such as the PM e-Bus Sewa scheme, the investment highlights an integrated model combining manufacturing and fleet operations—still relatively new in India. KKR’s move is expected to accelerate transport decarbonization and strengthen the adoption of electric mobility in urban India.