GreenCell Mobility raises $89 million to scale electric bus operations

GreenCell Mobility, the electric bus platform of Eversource Capital, has raised $89 million in mezzanine funding from the International Finance Corporation (IFC), British International Investment (BII), and Tata Capital. The funding will support the expansion of its electric bus fleet to 3,700 buses across multiple Indian states and union territories.

The mezzanine capital, which combines debt and equity features, will be used to deploy buses on intra-city routes in Delhi, Madhya Pradesh, Andhra Pradesh, Bihar, and the Union Territory of Puducherry. These routes were secured through auctions under the National E-Bus Program and the PM Seva E-Mobility initiative.

GreenCell Mobility currently operates more than 1,200 electric buses. The company said the new funding will accelerate fleet deployment and support India’s broader public transport electrification goals.

Dhanpal Jhaveri, Vice Chairman of Everstone Group and Chief Executive Officer of Eversource Capital, said the investment strengthens partnerships with global sustainable finance institutions and demonstrates the role of blended capital in advancing clean mobility while delivering commercial returns.

Katherine Koh, Regional Industry Manager for Infrastructure in Asia and the Pacific at IFC, said electric buses are critical to India’s urban transition. She added that the investment is expected to support transport electrification in Tier II and Tier III cities, create jobs, and attract additional private capital.

The transaction follows other recent investments in the sector, including IFC’s $37 million mezzanine investment in GreenCell Mobility and a $100 million commitment to JBM ECOLIFE for electric buses and charging infrastructure.

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