KKR has struck a $310m deal to scale Allfleet’s electric bus operations in India, marking its first Global Climate Transition investment in the country. The transaction, is expected to close in mid-2026 pending regulatory approvals.
The deal involves KKR acquiring a majority stake in Allfleet and a minority stake in PMI Electro Mobility Solutions, the e-bus manufacturer behind Allfleet’s platform.
Founded in 2022, Allfleet operates electric public transport fleets across Indian cities under long-term concession and service agreements with state transport authorities. The platform is on track to deploy more than 5,000 e-buses, providing an integrated solution spanning manufacturing, operations, and lifecycle support through PMI Electro’s production capabilities.
In press statement, Neil Arora, Partner and Head of KKR’s Climate Transition strategy for Asia Pacific, highlighted India’s potential for transport electrification: “The combination of Allfleet’s scalable platform and PMI’s manufacturing expertise presents a differentiated, full-service solution in this market. We look forward to supporting Allfleet’s next growth phase by leveraging KKR’s global operational experience.”
KKR has previously invested globally through its Climate Transition strategy in areas including electric mobility, renewable energy, and industrial decarbonisation. Its portfolio includes Zenobē in the UK, CleanPeak in Australia, and IGNIS P2X in the US.
