GreenCell Mobility, an electric bus platform backed by Eversource Capital, 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 company said the expansion would take its fleet to more than 5,000 electric buses across 105 cities nationwide.
The investment strengthens GreenCell’s institutional investor base as it scales its operations in intra-city and intercity transportation.
“Electric public mobility is moving from an emerging opportunity to an investable infrastructure asset class in India. GreenCell was created with that conviction – to build the operating capabilities and institutional scale needed to build an enduring business,” said Dhanpal Jhaveri, CEO of Eversource Capital.
He said the investment reflected the depth of long-term institutional capital backing the company, adding that GreenCell’s next phase would focus on expanding operations, strengthening capabilities and creating long-term value.
Focus on deployment and operational scale
Devndra Chawla, managing director and CEO of GreenCell Mobility, said the company would focus on executing its order book, improving service delivery and scaling its operations while maintaining reliability and efficiency.
“We have established a strong presence across both intra-city and intercity transportation, with the operating experience to manage increasingly large and complex deployment,” Chawla said. He added that the fresh equity would provide greater financial headroom to accelerate expansion while maintaining service and customer experience standards.
GreenCell also counts the International Finance Corporation (IFC), British International Investment (BII) and Tata Capital among its institutional backers, according to the company.
Denmark fund cites clean mobility opportunity
Lars Bo Bertram, CEO of Impact Fund Denmark, said India was a key market for the fund and that GreenCell offered an investment opportunity in a rapidly growing sector while addressing the country’s air pollution challenges.
“Scaling electric transportation can contribute to cleaner cities and accelerate India’s green transition,” he said.