GreenCell Mobility, India’s largest OEM-agnostic electric bus platform, has raised ₹330 crore in equity from Impact Fund Denmark (IFDK). The company is backed by Eversource Capital.
The fresh funding will support the rollout of about 4,500 electric buses, taking GreenCell’s fleet to more than 5,000 e-buses across 105 cities in India. The company operates both city and intercity bus services.
“Electric public mobility is moving from an emerging opportunity to an investable infrastructure asset class in India,” said Mr. Dhanpal Jhaveri, CEO, Eversource Capital. He added that the next phase is about putting the capital to work with discipline as the business expands.
Mr. Devndra Chawla, MD & CEO, GreenCell Mobility, said the investment gives the company more room to speed up its plans while keeping up standards of reliability, efficiency and customer experience. He also thanked existing investors Eversource, IFC, BII and Tata Capital for their continued support.
“India is a central market for Impact Fund Denmark,” said Mr. Lars Bo Bertram, CEO, Impact Fund Denmark. He said scaling up electric transport can help tackle air pollution and speed up India’s green transition.
