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GreenCell Mobility has raised USD 89 million (around INR 800 crore) in a mezzanine funding round led by the International Finance Corporation, British International Investment, and Tata Capital to scale its electric bus operations nationwide. Backed by Eversource Capital, the company currently runs over 1,200 electric buses and more than 270 charging stations. The new funds will support fleet expansion to 3,700 buses, strengthen charging infrastructure, and accelerate adoption under central government initiatives like the National E-Bus Programme and PM Seva E-Mobility, with deployments across Delhi, Madhya Pradesh, Andhra Pradesh, Bihar, and Puducherry.
GreenCell Mobility, an electric bus operator supported by Eversource Capital, has secured USD 89 million through a mezzanine funding round led by the International Finance Corporation (IFC), British International Investment (BII), and Tata Capital. The company plans to use the funds to expand both its fleet and charging infrastructure as it grows operations across multiple states under central government e-mobility programmes. Advertisement
Currently, GreenCell operates more than 1,200 electric buses on intra-city and intercity routes, supported by over 270 charging stations across India. With the new investment, the company aims to scale its fleet to 3,700 electric buses, including vehicles acquired through auctions under the National E-Bus Programme and the PM Seva E-Mobility initiative. These buses will serve routes in Delhi, Madhya Pradesh, Andhra Pradesh, Bihar, and the Union Territory of Puducherry.
The expansion will support the electrification of public transport in several tier-2 and tier-3 cities as state governments work to reduce urban transport emissions. GreenCell's model covers end-to-end operations, including procurement, deployment, driver management, maintenance, and charging. Under long-term contracts with state transport bodies and urban local authorities, these agencies pay a fixed fee per kilometre while retaining fare collection, ensuring predictable costs and efficient service delivery.
Executives from Eversource Capital highlighted that the funding strengthens partnerships with development and institutional investors, demonstrating the growing role of private and development capital in India's transition to clean transport. GreenCell's CEO noted that support from IFC, BII, and Tata Capital reflects confidence in the company's ability to scale electric public transport effectively. Tata Capital emphasized the alignment with sustainable urban development goals, while BII pointed out that electric buses are key to decarbonising public transport.
As more Indian cities adopt electric buses, operators like GreenCell are set to play a crucial role in expanding clean mobility solutions, particularly in smaller urban centres. The company's growth is expected to improve access to sustainable public transport and support government efforts to reduce emissions and enhance urban air quality.
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