India, Feb. 14 -- Electric bus manufacturer PMI Electro Mobility has raised INR 250 Cr (about $29 Mn) in a strategic funding round from Authum Investment & Infrastructure, Nikhil Kamath-backed Gruhas, Antique Securities, and associated HNI family offices.

The funds were raised through a preferential allotment of equity shares. The startup said it will use the fresh capital to develop innovative solutions, enhance production capabilities, and scale operations.

Founded in 2017, PMI Electro Mobility produces ebuses. It claims that its 2,000 ebuses are currently operating across 31 cities, from Leh to South India. The company has an annual manufacturing capacity of over 2,500 electric buses at its Delhi NCR facility, and an order book of ov...