GreenCell Mobility Raises USD 89 Million to Expand Electric Bus Fleet Under India’s National E-Bus Programme

GreenCell Mobility (GCM), an OEM-agnostic electric bus platform and a flagship company in Eversource Capital’s portfolio, has announced the completion of a USD 89 million mezzanine funding round led by the International Finance Corporation (IFC), British International Investment (BII), and Tata Capital.

The investment underscores growing confidence in GreenCell Mobility’s mission to redefine India’s public transportation landscape through scalable, zero-emission electric mobility solutions. Backed by Eversource Capital, GCM currently operates a fleet of over 1,200 electric buses serving intra-city and intercity routes, supported by more than 270 charging stations across the country.

The fresh capital will enable GreenCell Mobility to expand its electric bus fleet to 3,700 vehicles, including buses secured through auctions under the National E-Bus Programme and the PM Seva E-Mobility initiative. These deployments span Delhi, Madhya Pradesh, Andhra Pradesh, Bihar, and the Union Territory of Puducherry, reinforcing the company’s contribution to reducing carbon emissions, improving air quality and advancing India’s green transport goals.

Dhanpal Jhaveri, Vice Chairman of Everstone Group and CEO, Eversource Capital, said, “The funding round deepens partnerships with global and domestic sustainable investors and demonstrates the catalytic role of private, development and institutional capital in accelerating India’s clean transport revolution. The expansion of GreenCell Mobility’s operations will drive more efficient urban transportation while delivering long-term returns.”

Devndra Chawla, Managing Director and CEO of GreenCell Mobility, described the fundraise as a significant milestone in the company’s journey to build electric mobility as a scalable and mainstream public transport solution in India. 

He noted that participation from IFC, BII and Tata Capital reflects strong conviction in GCM’s platform, operating model and execution capabilities. Chawla added that as the company expands its fleet and charging infrastructure under programmes such as PM Seva E-Mobility, its focus remains on delivering reliable, cost-efficient and zero-emission transport across cities and intercity corridors.

Katherine Koh, Regional Industry Manager for Infrastructure and Natural Resources for Asia and the Pacific at IFC, said, “Electrifying buses is central to India’s urban transformation agenda. She noted that IFC’s mezzanine investment in GreenCell Mobility will accelerate the rollout of sustainable public transport in tier-2 and tier-3 cities, create jobs and catalyse private capital through innovative financing and payment-security models.

Shilpa Kumar, Managing Director and Head of India at British International Investment, said climate action remains a key priority for BII in India, with electric mobility forming a central pillar of its climate investment strategy. Kumar highlighted electric buses as a critical lever for decarbonising public transport at scale and said BII’s investment reflects its commitment to supporting proven platforms that accelerate clean mobility.

Manish Chourasia, Chief Operating Officer- Corporate & Cleantech Finance at Tata Capital, said the company was pleased to participate in the strategic investment, which supports India’s transition to cleaner and more efficient transport. He added that GreenCell Mobility’s approach aligns with Tata Capital’s vision for sustainable urban development and inclusive growth.

The funding and planned expansion further consolidate GreenCell Mobility’s leadership position in India’s electric bus market.