GreenCell Mobility raises $89m for electric bus growth in India
GreenCell Mobility has secured $89 million in mezzanine funding, which combines debt and equity, to expand its electric bus operations in India. The investment was provided by International Finance Corporation, British International Investment and Tata Capital. GreenCell Mobility is also backed by Eversource Capital.
The new capital is intended to support the growth of GreenCell Mobility’s electric bus fleet from around 1,200 vehicles to approximately 3,700 units. Plans to deploy over 1,200 electric buses in the country were announced in May of last year. The expansion covers buses already awarded to the company for intra-city services in Delhi, Madhya Pradesh, Andhra Pradesh, Bihar and Puducherry. These projects are part of national and state-level electrification efforts, including the National E-Bus Programme and the PM Seva E-Mobility initiative, which aim to modernise urban transport through large-scale deployment of battery-electric buses.
“This investment will enable us to scale our electric bus fleet, strengthening sustainable intra-city mobility. These deployments reflect growing confidence in electric buses as the backbone of India’s urban transport future,” the company stated on LinkedIn. “We are grateful for the continued support of our partners and stakeholders as we work toward accelerating India’s transition to zero-emission public mobility—delivering cleaner air, reliable transport, and meaningful climate impact at scale.”
GreenCell Mobility currently operates electric buses on both intra-city and intercity routes and has established more than 270 charging stations across the country. Alongside city operations, the company also runs electric intercity coach services under its NueGo brand, connecting over 100 cities and demonstrating the applicability of electric drivetrains beyond purely urban duty cycles.
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