KKR, a leading global investment firm, Allfleet India Private Limited (“Allfleet”), and PMI Electro Mobility Solutions Private Limited (“PMI Electro”), an electric commercial vehicle manufacturer in India, have signed definitive agreements under which funds managed by KKR will commit up to $310 million to establish a strategic partnership aimed at scaling Allfleet’s electric bus (e-bus) platform and strengthening PMI Electro’s manufacturing capabilities.
As part of the transaction, KKR will acquire a majority stake in Allfleet and a minority stake in PMI Electro. The investment marks the first Global Climate Transition investment by KKR in India and the strategy’s eighth investment globally, following recent investments in Australia.
Founded in 2022, Allfleet operates as PMI Electro’s dedicated e-bus platform through its subsidiaries, focusing on the development, ownership, and operation of large-scale electric public transport fleets. The company is currently on track to deploy more than 5,000 electric buses under long-term concession and service agreements with multiple state transport authorities, supporting urban mobility across major Indian cities.
With India accelerating its transition toward decarbonization and cleaner urban mobility, the expansion of reliable electric public transport infrastructure has become increasingly important. KKR’s investment is expected to support Allfleet’s growth, enhance its ability to partner with public transport authorities, and enable the expansion of electric bus fleets across key cities. The partnership also strengthens an integrated end-to-end model that combines manufacturing, ownership, operations, and lifecycle support through the collaboration between Allfleet and PMI Electro, one of the early entrants in India’s e-bus segment.
Neil Arora, Partner and Head of KKR’s Climate Transition strategy for Asia Pacific, said that transport electrification is a critical component of the global energy transition, and India represents one of the largest opportunities due to its scale, urbanization, and decarbonization goals. He noted that the combination of Allfleet’s scalable platform and PMI Electro’s manufacturing and service capabilities provides a comprehensive solution for the market, adding that KKR looks forward to supporting the next phase of growth through its global operational expertise and climate transition investment experience.
Aanchal Jain, CEO, PMI Electro and Director, 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.”
The company stated that, together with KKR, it will continue to focus on responsible expansion and increasing its presence across Indian cities. The collaboration highlights the alignment of global institutional capital, Indian manufacturing strength, and on-ground execution to deliver mobility solutions of national importance.
The investment is being made through KKR’s Global Climate Transition strategy. Since 2010, KKR has committed over $44 billion to climate and environmental sustainability investments worldwide, including projects in transport electrification, renewable energy, battery storage, and industrial decarbonization.
The transaction is expected to be completed in mid-2026, subject to customary regulatory approvals.
