Electric bus manufacturer PMI Electro Mobility Solutions has raised an investment of Rs 250 crore from Piramal Alternatives, the fund management business of the Piramal Group, to fortify its green mobility initiatives.

With this freshly raised capital, the company intends to utilise the fund for innovative solutions, bring technological advancements to its production capabilities and scale its operations.The investment has been made through the Piramal Alternatives' Performing Credit Fund (PCF), a sector-agnostic fund that caters to the capital needs of mid-market companies.

Moreover, the company has received its maiden investment from PCF in the form of convertible securities. With an order book of 2,500 buses, the investment from Piramal Alternatives is anticipated to enhance PMI's technological capabilities, and business expansion.

PMI Electro will be focusing on potential opportunities for investments in the electric vehicles (EV) space, especially which would create a long-term positive impact on environmental, social and governance considerations.