GreenCell Mobility has raised ₹330 crore in equity funding from Impact Fund Denmark (IFDK) to accelerate its electric bus expansion across India. The investment will support the deployment of approximately 4,500 electric buses, taking the company’s total fleet beyond 5,000 buses across 105 cities.
₹330 Crore Investment to Accelerate Electric Bus Deployment
The Mumbai-based company, backed by Eversource Capital, operates electric buses for intra-city and intercity transportation. The fresh capital will help GreenCell execute its existing order book and expand its electric mobility operations.
The investment comes amid growing efforts to strengthen India’s public transport infrastructure and accelerate the transition towards cleaner mobility solutions.
GreenCell Targets a Fleet of Over 5,000 Electric Buses
The funding will support the company’s planned deployment and operational expansion. Key highlights include:
- Investment: ₹330 crore in equity funding from Impact Fund Denmark.
- Planned deployment: Approximately 4,500 additional electric buses.
- Target fleet: More than 5,000 electric buses.
- Geographical reach: Operations spanning 105 Indian cities.
- Business model: Electric Mobility-as-a-Service (eMaaS), including buses and charging infrastructure.
GreenCell aims to strengthen its operational capabilities alongside fleet expansion to ensure efficient service delivery.
Investors Back India’s Electric Public Transport Transition
Devendra Chawla, Managing Director and CEO of GreenCell Mobility, said the investment would provide additional capital to accelerate deployment, improve service delivery and support business growth.
Dhanpal Jhaveri, CEO of Eversource Capital, highlighted the growing institutional interest in India’s electric public transport infrastructure.
Meanwhile, Lars Bo Bertram, CEO of Impact Fund Denmark, said the investment aligns with the fund’s focus on expanding electric transportation and addressing challenges such as air pollution.
Strengthening India’s Electric Mobility Ecosystem
GreenCell Mobility focuses on deploying electric buses and developing charging infrastructure and related mobility solutions. The latest investment is expected to support its expansion while contributing to India’s shift towards lower-emission public transportation.
With its planned fleet expansion, GreenCell is positioning itself to play a larger role in India’s evolving electric bus ecosystem.
