Electric bus operator GreenCell Mobility (GCM) has successfully raised $89 million (approximately ₹800 crore) through a mezzanine financing round to support its nationwide expansion plans. This latest capital infusion was led by the International Finance Corporation (IFC), British International Investment (BII), and Tata Capital, with existing backing from sustainable infrastructure investor Eversource Capital.
Under this funding structure which blends elements of debt and equity, GCM intends to significantly scale both its electric bus fleet and associated charging infrastructure. The company currently operates more than 1,200 electric buses on a mix of intra-city and intercity routes, supported by over 270 charging stations spread across various regions in India.
With the fresh capital, GCM plans to grow its fleet to approximately 3,700 electric buses, including vehicles won through competitive contracts under key government initiatives such as the National E-Bus Programme and the PM Seva E-Mobility initiative. These projects span multiple states and union territories, including Delhi, Madhya Pradesh, Andhra Pradesh, Bihar and Puducherry, and are aimed at accelerating the shift to cleaner public transport, especially in tier-2 and tier-3 cities.
GreenCell’s business model involves owning and operating electric buses procured from manufacturers, while providing end-to-end services such as driver management, charging, and maintenance. The company typically enters into long-term contracts with state transport authorities and urban local bodies to operate these fleets.
Commenting on the development, Devndra Chawla, Managing Director and CEO of GreenCell Mobility, said the funding marks a significant validation of the company’s operating model and its capability to deliver large-scale electric mobility solutions across the country. He highlighted that the capital will enable GreenCell to accelerate execution, deepen its presence across regions, and strengthen its end-to-end electric bus operations.
Dhanpal Jhaveri, Vice Chairman of Everstone Group and CEO of Eversource Capital, stated that the investment reflects growing collaboration between global and domestic capital providers in India’s clean mobility ecosystem. He noted that such partnerships demonstrate rising investor confidence in the long-term potential of sustainable public transport and the scalability of electric bus platforms in the Indian market.
Representatives from IFC, British International Investment and Tata Capital reiterated their commitment to supporting sustainable urban development and the decarbonisation of public transportation. They emphasized that investments of this nature play a critical role in helping cities transition to cleaner, more efficient mobility systems while contributing to national climate and energy goals.
Overall, the funding round further strengthens GreenCell Mobility’s position as a key enabler of electric public transport in India, at a time when state governments and urban transport authorities are increasingly adopting zero-emission mobility solutions to improve air quality and reduce carbon emissions.
