KKR has announced a $310 million strategic partnership with Allfleet India and PMI Electro Mobility Solutions to accelerate the growth of electric bus infrastructure in India. Through this deal, KKR will acquire a majority stake in Allfleet and a minority stake in PMI Electro, marking its first Global Climate Transition investment in the country. This marks the first KKR Global Climate Transition investment in India and the strategy’s eighth investment globally, including recent investments in Australia.
Founded in 2022, Allfleet serves as PMI Electro’s dedicated electric bus platform, focusing on deploying, owning, and operating large-scale e-bus fleets. The company is on track to roll out over 5,000 electric buses under long-term concession and service agreements with multiple state transport authorities across major Indian cities.
This investment comes at a pivotal time as India intensifies its push towards decarbonization and sustainable urban mobility. KKR’s backing will enable Allfleet to expand its operations, strengthen partnerships with public transport authorities, and deliver cleaner, more reliable transit solutions.
“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,” said Neil Arora, Partner and Head of KKR’s Climate Transition strategy for Asia Pacific. “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, 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.”
“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.”
KKR is making this investment from its Global Climate Transition strategy. This marks KKR’s latest investment in India and first Global Climate Transition investment in the country. Since 2010, KKR has committed more than $44 billion to climate and environmental sustainability investments. Other KKR Climate investments have included Zenobē, a UK-based transport electrification and battery storage solutions specialist; CleanPeak, an Australian distributed energy platform; HMC Capital’s Energy Transition Platform, a battery energy storage and renewable energy generation platform in Australia; EGC, an energy service provider in Germany; Dawsongroup, an independent asset leasing business providing a diverse range of business-critical solutions; Avantus, a solar and solar-plus-storage developer in the US; and IGNIS P2X, an industrial decarbonization platform.
The transaction is expected to close in mid-2026, subject to customary regulatory approvals.
