KKR announced it will commit up to $310 million to form a strategic partnership with Allfleet India Private Limited and PMI Electro Mobility Private Limited, aiming to scale Allfleet’s electric bus platform and expand electric public transport infrastructure across India.
Under the agreement, KKR-managed funds will acquire a majority stake in Allfleet and a minority stake in PMI Electro. The transaction represents KKR’s first Global Climate Transition investment in India and its eighth globally under the strategy.
Founded in 2022, Allfleet operates as PMI Electro’s electric bus platform, focused on developing, owning, and operating large-scale electric public transport fleets. The company is on track to deploy more than 5,000 e-buses through long-term concession and service agreements with multiple state transport authorities across key Indian cities.
The investment is intended to accelerate Allfleet’s growth, enhance collaboration with public transport authorities, and support the expansion of electric bus fleets as India advances its decarbonization and urban mobility goals. The partnership integrates manufacturing, ownership, operations, and lifecycle support through the combined capabilities of Allfleet and PMI Electro.
PMI Electro, an early mover in India’s electric bus market, has deployed more than 3,000 electric buses across over 30 cities and offers a range of 7-metre, 9-metre, and 12-metre models, along with electric school buses.
KKR said the investment aligns with its broader climate strategy, under which it has committed more than $44 billion to climate and environmental sustainability investments since 2010. The transaction is expected to close in mid-2026, subject to regulatory approvals.
KEY QUOTES:
“Transport electrification is a critical pillar of the energy transition, and India – with its scale, urbanization trends, and decarbonization 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.”
Neil Arora, Partner And Head Of KKR’s Climate Transition Strategy For Asia Pacific
“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.”
Aanchal Jain, CEO Of PMI Electro And Director Of Allfleet
