GreenCell Mobility Secures $89 Million to Rapidly Expand Electric Bus Network Across India

Key Highlights

• $89 million raised from IFC, BII, and Tata Capital.

• Fleet to expand from 1,200 to 3,700 electric buses.

• Operations across multiple states and UTs.

• Supported by 270+ charging stations nationwide.

• Strengthens India’s zero-emission public transport goals.

GreenCell Mobility (GCM), India’s largest electric bus platform, has raised $89 million in mezzanine funding to accelerate the expansion of its electric bus operations across the country. The funding round was backed by the International Finance Corporation (IFC), British International Investment (BII), and Tata Capital, showing strong global and domestic confidence in India’s clean mobility journey.

Funding to Support Major Fleet Expansion

The fresh investment will help the Eversource Capital-backed company expand its electric bus fleet from 1,200 buses to 3,700 buses in the coming years. This expansion includes electric buses already awarded to GreenCell Mobility under the National E-Bus Program and the PM Seva E-Mobility initiative.

These buses will operate on intra-city routes across several states and Union Territories, including Delhi, Madhya Pradesh, Andhra Pradesh, Bihar, and Puducherry, strengthening electric public transport in both large and emerging cities.

Strong Nationwide Electric Mobility Network

Currently, GreenCell Mobility operates over 1,200 electric buses across intra-city and intercity routes in India. The company is supported by a nationwide charging infrastructure of more than 270 charging stations.

Through its intercity electric bus brand NueGo, GreenCell Mobility connects over 100 cities, offering clean, comfortable, and zero-emission travel options for passengers across urban and long-distance corridors.

Leadership Views on the Investment

Devndra Chawla, Managing Director and CEO of GreenCell Mobility, called the funding a key milestone in making electric mobility a mainstream public transport solution in India. He said the participation of IFC, BII, and Tata Capital reflects strong confidence in the company’s platform, operating model, and ability to scale efficiently.

Dhanpal Jhaveri, Vice Chairman of Everstone Group and CEO of Eversource Capital, highlighted that the deal demonstrates how private, development, and institutional capital can work together to speed up India’s clean transport transformation.

Global and Domestic Confidence in Clean Transport

Katherine Koh, Regional Industry Manager for Infrastructure at IFC, said that electrification of buses is central to India’s urban transformation, especially in tier-2 and tier-3 cities, where clean public transport can significantly improve air quality and mobility.

Shilpa Kumar, Managing Director of BII India, emphasized that electric buses are one of the most effective ways to decarbonize public transport at scale. BII has committed to deploying up to $1 billion in climate finance in India between 2022 and 2026, reinforcing its long-term focus on sustainable infrastructure.

Manish Chourasia, Chief Operating Officer at Tata Capital, stated that the investment aligns with Tata Capital’s vision for sustainable urban development. He also noted that Tata Capital’s Cleantech Finance vertical has disbursed over ₹35,000 crore cumulatively as of September 2025.

Supporting India’s Clean Mobility Goals

This expansion is expected to play an important role in reducing carbon emissions, improving air quality, and promoting zero-emission public transport across India. With this funding, GreenCell Mobility is well-positioned to strengthen its leadership in the electric bus segment as India moves faster toward a cleaner and more sustainable mobility future.

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CMV360 Says

GreenCell Mobility’s $89 million funding marks a strong step toward cleaner public transport in India. Backed by global and domestic investors, the company is set to rapidly expand its electric bus fleet and charging network. This move will support zero-emission mobility, improve urban air quality, and strengthen electric bus services across major and emerging cities under key government e-mobility programs.