Global investment giant KKR has announced a major move into India’s green transport sector, committing up to $310 million to a strategic partnership with Allfleet India Private Limited and PMI Electro Mobility Solutions. The deal, which sees KKR-managed funds acquiring a majority stake in Allfleet and a minority stake in PMI Electro, marks the firm’s first Global Climate Transition investment in India.
Established in 2022, Allfleet is currently on track to deploy a fleet of over 5,000 e-buses across Indian cities under long-term agreements with state transport authorities. The fresh capital is set to scale Allfleet’s platform and bolster the manufacturing capabilities of PMI Electro, an early mover in the domestic electric commercial vehicle market.
The investment arrives as India accelerates its transition towards cleaner urban mobility. By providing an integrated solution spanning manufacturing and lifecycle support, the partnership aims to deliver more reliable public transport for Indian commuters.
“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,” said Neil Arora, Partner and Head of KKR’s Climate Transition strategy for Asia Pacific. He added that the combination of Allfleet’s scalable platform and PMI’s expertise “stands out as a full-service solution in this market.”
Aanchal Jain, CEO of PMI Electro and Director of Allfleet, described the investment as a “defining milestone” and a powerful endorsement of their integrated mobility platform. “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,” she stated.
Jain further noted that the collaboration reflects an alignment of “institutional capital, Indian manufacturing capabilities, and on-ground execution in delivering mobility solutions of national relevance.”
The transaction is expected to conclude in mid-2026, pending customary regulatory approvals.
