GreenCell Mobility (GCM), India’s largest OEM-agnostic electric bus platform and a flagship company in Eversource Capital’s portfolio, has announced the successful completion of an $89 million mezzanine funding round led by the International Finance Corporation (IFC), British International Investment (BII), and Tata Capital.
The funding marks a major vote of confidence in GreenCell Mobility’s ambition to transform India’s public transportation system through scalable, zero-emission electric mobility solutions. Backed by Eversource Capital, GCM currently operates a fleet of more than 1,200 electric buses across intra-city and intercity routes, supported by over 270 charging stations nationwide.
Expansion Under National E-Bus Programs
Proceeds from the funding round will be used to support GreenCell Mobility’s expansion to 3,700 electric buses, including contracts secured under the National E-Bus Program and the PM Seva E-Mobility initiative. The new buses will be deployed across multiple states, including Delhi, Madhya Pradesh, Andhra Pradesh, Bihar, and the Union Territory of Puducherry.
The expansion is expected to significantly contribute to reducing carbon emissions, improving urban air quality, and advancing India’s broader green mobility and climate objectives.
Strong Investor Confidence
Commenting on the transaction, Dhanpal Jhaveri, Vice Chairman of Everstone Group and CEO of Eversource Capital, said the funding round reflects the powerful role of blended capital in scaling sustainable infrastructure.
“This transaction exemplifies how private, development, and institutional capital can work together to accelerate India’s clean transport revolution,” Jhaveri said. “GreenCell Mobility’s expanded operations will help deliver efficient transportation to cities and commuters while generating long-term value.”
Devndra Chawla, Managing Director and CEO of GreenCell Mobility, described the fundraise as a defining milestone for the company.
“The participation of IFC, BII, and Tata Capital reflects strong conviction in our platform, operating model, and execution capabilities,” Chawla said. “As we scale our fleet and charging infrastructure across states, our focus remains on delivering reliable, cost-efficient, and zero-emission transport solutions for both urban and intercity corridors.”
Enabling Sustainable Urban Mobility
Investors highlighted the broader economic and social impact of electrifying public transport. Katherine Koh, Regional Industry Manager for Infrastructure and Natural Resources at IFC for Asia and the Pacific, said electric buses are central to India’s urban transformation, particularly in tier-2 and tier-3 cities.
Similarly, Shilpa Kumar, Managing Director and Head of India at BII, emphasized that electric buses are a critical lever for decarbonizing public transport at scale, aligning with BII’s climate investment priorities in India.
From the domestic finance perspective, Manish Chourasia, Chief Operating Officer – Corporate & Cleantech Finance at Tata Capital, noted that GreenCell Mobility’s approach closely aligns with India’s goals for sustainable urban development and inclusive growth.
Strengthening Market Leadership
With this fundraise and the planned rollout of additional electric buses, GreenCell Mobility further consolidates its leadership position in India’s rapidly growing e-bus market. The investment also signals strong confidence from leading global and domestic institutions in the company’s vision of building a cleaner, greener, and more sustainable public transportation ecosystem for India.
