GreenCell Mobility Secures $89 Million to Expand Electric Bus Fleet

GreenCell Mobility (GCM), a leading electric bus platform backed by Eversource Capital, has raised INR 8 billion (USD 89 million) in a mezzanine funding round led by the International Finance Corporation (IFC), British International Investment (BII), and Tata Capital. The capital injection will support fleet expansion and the development of charging infrastructure across India.

Fleet Expansion Plans

Currently, GreenCell Mobility operates over 1,200 electric buses on both intra-city and intercity routes, supported by more than 270 charging stations nationwide. The company plans to scale its fleet to approximately 3,700 electric buses, including vehicles acquired through auctions under the National E-Bus Program and the PM Seva E-Mobility initiative. These buses are expected to operate in states including Delhi, Madhya Pradesh, Andhra Pradesh, Bihar, and the Union Territory of Puducherry.

Strategic Funding to Accelerate EV Adoption

Dhanpal Jhaveri, Vice Chairman of Everstone Group and CEO of Eversource Capital, noted that this funding round demonstrates the catalytic role private, development, and institutional capital can play in accelerating India’s clean transport revolution. He highlighted that GCM’s expanded operations will transform urban transportation, delivering reliable and efficient mobility for commuters while generating returns for investors.

Devndra Chawla, Managing Director & CEO of GreenCell Mobility, added, “This fundraise marks a significant milestone in making electric mobility a mainstream public transport solution in India. The participation of IFC, BII, and Tata Capital reflects confidence in our platform, operating model, and ability to scale. Our focus remains on delivering reliable, cost-efficient, and zero-emission transport for cities and intercity corridors.”

Investor Perspectives

Katherine Koh, Regional Industry Manager for IFC Asia-Pacific, said the investment will accelerate sustainable public transport rollout in India’s tier-2 and tier-3 cities, generate employment, and catalyse private capital through innovative financing.

Shilpa Kumar, Managing Director and Head of India, BII, highlighted that electric buses are crucial for decarbonising public transport at scale, reflecting BII’s commitment to climate action.

Manish Chourasia, COO of Corporate & Cleantech Finance, Tata Capital, stated, “GCM’s innovative approach aligns with our vision for sustainable urban development and inclusive growth.”

Driving India’s Clean Mobility Transition

This strategic investment will enable GreenCell Mobility to expand its fleet and charging infrastructure significantly, positioning the company as a key driver in India’s transition to cleaner, more efficient urban and intercity transport. The funding also reinforces investor confidence in scalable electric mobility solutions as a cornerstone for India’s sustainable transportation future.