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GreenCell Mobility (GCM), India’s largest OEM-agnostic electric bus platform and a flagship company in Eversource Capital’s portfolio, has raised $89 million in a mezzanine funding round from the International Finance Corporation (IFC), British International Investment (BII), and Tata Capital. The investment underscores strong confidence in GCM’s vision to redefine India’s public transport landscape through scalable, zero-emission e-mobility solutions.
Backed by Eversource Capital, GCM currently operates a fleet of over 1,200 electric buses across intra-city and intercity routes, supported by more than 270 charging stations nationwide. The fresh capital will enable the company to scale its fleet to 3,700 electric buses, including projects won under the National E-Bus Program and PM Seva E-Mobility initiative across Delhi, Madhya Pradesh, Andhra Pradesh, Bihar, and the Union Territory of Puducherry.
Commenting on the development, Dhanpal Jhaveri, Vice Chairman, Everstone Group and CEO, Eversource Capital, said, “Through this funding round for GreenCell Mobility, we are deepening our partnership with IFC, BII and Tata Capital. The transaction highlights the catalytic role that private, development and institutional capital can play in accelerating India’s clean transport revolution.”
Devndra Chawla, Managing Director & CEO, GreenCell Mobility, said, “This fundraise marks a significant milestone in our journey to build electric mobility as a mainstream, scalable public transport solution for India. The participation of IFC, BII and Tata Capital reflects strong conviction in our platform, operating model, and execution capabilities.”
From the investor side, Katherine Koh, Regional Industry Manager – Infrastructure and Natural Resources, Asia and Pacific, IFC, noted, “Electrifying buses is central to India’s urban transformation agenda, and our investment in GreenCell will accelerate the rollout of sustainable public transport across tier-2 and tier-3 cities while catalysing private capital.”
Shilpa Kumar, Managing Director and Head of India, British International Investment, added, “Electric buses are a critical lever for decarbonising public transport at scale. Our investment in GreenCell Mobility reflects our commitment to supporting proven platforms that accelerate clean mobility in India.”
Manish Chourasia, Chief Operating Officer – Corporate & Cleantech Finance, Tata Capital, said, “We are pleased to participate in this strategic investment that accelerates India’s transition to cleaner and more efficient transport, aligned with our vision for sustainable urban development.”
The funding and subsequent expansion plans further strengthen GreenCell Mobility’s leadership in India’s electric bus segment and signal growing investor confidence in the company’s role in building a cleaner, greener, and more sustainable public transportation ecosystem.
