Global investment firm KKR has formed a strategic partnership with Allfleet India and PMI Electro Mobility Solutions, a manufacturer of electric commercial vehicles in India.
As part of the agreement, KKR-managed funds will commit up to US$310m (€269m) to help scale Allfleet’s electric-bus (e-bus) platform and further advance PMI Electro’s manufacturing capabilities. As part of the investment, KKR will acquire a majority stake in Allfleet and minority stake in PMI Electro.
It is the first investment in India by KKR’s global climate transition strategy and its eighth investment globally, including recent investments in Australia.
Allfleet was established in 2022 as PMI Electro’s e-bus platform, focused on developing, owning and operating large-scale electric public transport fleets. It is on course to deploy a fleet of more than 5,000 e-buses, operating under long-term concession and service agreements with multiple state transport authorities across several cities.
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.
“The differentiated combination of Allfleet’s proven, scalable platform and PMI’s manufacturing and service expertise stands out as a full-service solution in this market. We look forward to supporting Allfleet’s next phase of growth by working together with PMI and leveraging KKR’s global operational expertise and experience investing across climate transition.”
Aanchal Jain, CEO of PMI Electro and director of Allfleet, said: “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. PMI Electro’s vision is to create a scalable, reliable and future-ready ecosystem that can transform public transport in India. As our cities grow and mobility needs evolve, clean, efficient and accessible public transport will play a central role in shaping a more sustainable future.
“Alongside KKR, the company will continue to focus on responsible scale-up and expanding its presence across Indian cities. This collaboration reflects the alignment of institutional capital, Indian manufacturing capabilities and on-ground execution in delivering mobility solutions of national relevance.”
The transaction is expected to close in mid-2026, subject to customary regulatory approvals.
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