GreenCell Mobility Raises $89 Million to Expand India's Electric Bus Fleet

GreenCell Mobility (GCM), India's largest electric bus platform, has secured $89 million in mezzanine funding from the International Finance Corporation (IFC), British International Investment (BII), and Tata Capital to support its expansion across the country.

The investment will enable the Eversource Capital-backed company to grow its fleet from 1,200 electric buses to 3,700 vehicles. The expansion includes buses awarded to GCM for intra-city routes in Delhi, Madhya Pradesh, Andhra Pradesh, Bihar, and Puducherry under the National E-Bus Program and PM Seva E-Mobility initiative.

GCM currently operates more than 1,200 electric buses on intra-city and intercity routes, supported by over 270 charging stations nationwide. The company provides electric mobility services across both urban and intercity corridors, including through its NueGo brand, which connects more than 100 cities.

Devndra Chawla, Managing Director and CEO of GreenCell Mobility, described the fundraise as a significant milestone in establishing electric mobility as a mainstream public transport solution in India. "The participation of IFC, BII and Tata Capital reflects strong conviction in our platform, our operating model, and our ability to execute at scale," he said.

Dhanpal Jhaveri, Vice Chairman of Everstone Group and CEO of Eversource Capital, highlighted the role of diverse capital sources in advancing clean transport. "The transaction exemplifies the catalytic role that private, development and institutional capital can play in accelerating India's clean transport revolution," Jhaveri stated.

The investment reflects growing international and domestic confidence in India's electric mobility sector. Katherine Koh, Regional Industry Manager for Infrastructure at IFC, noted that electrifying buses is central to India's urban transformation, particularly in tier-2 and tier-3 cities.

Shilpa Kumar, Managing Director of BII India, emphasized that electric buses represent a critical tool for decarbonizing public transport at scale. BII has committed to deploying up to $1 billion in climate finance in India between 2022 and 2026.

Manish Chourasia, Chief Operating Officer at Tata Capital, said the investment aligns with the company's vision for sustainable urban development. Tata Capital's Cleantech Finance vertical has cumulatively disbursed over ₹35,000 crore as of September 2025.

The expansion is expected to support India's goals of reducing carbon emissions and improving air quality through zero-emission transport solutions. The funding positions GCM to strengthen its leadership in India's electric bus market as the country accelerates its transition to clean mobility.