KKR to Invest $310 Million in Allfleet, Boosting PMI Electro's Electric Bus Platform in India

KKR Invests Up to $310 Million in Allfleet India and PMI Electro Mobility Solutions

Global investment firm KKR has entered into definitive agreements to invest up to $310 million in partnership with Allfleet India Private Limited and PMI Electro Mobility Solutions Private Limited to expand electric bus operations and manufacturing capabilities in India.

As part of the deal, KKR-managed funds will acquire a majority stake in Allfleet and a minority stake in PMI Electro. This investment marks KKR's first Global Climate Transition investment in India and the strategy's eighth globally. The investment will support Allfleet's expansion and enhance its ability to partner with public transport authorities to scale e-bus fleets, while strengthening PMI Electro's manufacturing and service capabilities.

Allfleet, founded in 2022, operates as PMI Electro's electric bus platform, focusing on developing, owning, and running large-scale electric public transport fleets. The company is currently on track to deploy over 5,000 e-buses under long-term concession and service agreements with multiple state transport authorities across key Indian cities.

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India's efforts toward decarbonisation and cleaner urban mobility have accelerated, and KKR's funding is expected to support Allfleet's growth and enhance its partnership with public transport authorities to scale e-bus fleets. The investment will bring together Allfleet's scalable platform and PMI Electro's manufacturing expertise to deliver an integrated, end-to-end electric mobility solution.

KKR is making the investment through its Global Climate Transition strategy, which has committed over $44 billion toward climate and environmental sustainability investments globally since 2010. The transaction is expected to close by mid-2026, subject to customary regulatory approvals.