GreenCell Mobility has raised ₹330 crore in equity funding from Impact Fund Denmark (IFDK) to support the deployment of around 4,500 electric buses across India. The investment will take the company’s fleet to more than 5,000 electric buses across 105 cities, according to the company.
The Mumbai-based company, backed by Eversource Capital, operates an electric bus platform spanning intra-city and intercity transportation. The fresh capital is expected to support the rollout of its planned fleet and the execution of its existing order book.
Devendra Chawla, managing director and CEO of GreenCell Mobility, said the investment would provide additional capital to accelerate deployment plans, strengthen service delivery and support the company’s expanding operations. He also highlighted the need to scale operational capabilities alongside fleet growth.
Dhanpal Jhaveri, CEO of Eversource Capital, said the investment reflects institutional investor interest in electric public transport infrastructure in India. He added that GreenCell’s next phase would focus on expanding its business and operational capabilities.
Lars Bo Bertram, CEO of Impact Fund Denmark, said the investment aligns with the fund’s focus on India and the expansion of electric transportation, citing air pollution and the transition to lower-emission mobility as key considerations.
GreenCell Mobility focuses on Electric Mobility-as-a-Service (eMaaS), deploying electric buses and developing charging infrastructure and related solutions for the electric mobility value chain. The company is a portfolio company of Eversource Capital.