GreenCell Mobility has raised $89 million in mezzanine financing to expand its electric bus operations across India, as demand for zero-emission public transport gathers pace under national and state electrification programmes.
The funding, which combines debt and equity, was provided by International Finance Corporation, British International Investment and Tata Capital, the company said. GreenCell Mobility is backed by Eversource Capital, which focuses on sustainable infrastructure investments in India.
The new capital will support the expansion of GreenCell Mobility’s electric bus fleet from about 1,200 vehicles to roughly 3,700 units. The increase includes buses already awarded to the company for intra-city operations in Delhi, Madhya Pradesh, Andhra Pradesh, Bihar and Puducherry.
These deployments are aligned with India’s public transport electrification efforts, including the National E-Bus Programme and the PM Seva E-Mobility, which aim to modernise urban mobility through large-scale adoption of battery-electric buses.
“This investment will enable us to scale our electric bus fleet, strengthening sustainable intra-city mobility,” the company said in a LinkedIn post. “These deployments reflect growing confidence in electric buses as the backbone of India’s urban transport future.”
GreenCell Mobility operates electric buses on both intra-city and intercity routes and has built a nationwide charging network with more than 270 charging stations. Beyond city services, the company runs electric intercity coach operations under its NueGo brand, which connects more than 100 cities and demonstrates the viability of electric drivetrains for longer-distance travel.
India has emerged as one of the world’s fastest-growing markets for electric buses, driven by urban air quality concerns, rising fuel costs and government incentives. GreenCell Mobility said it aims to play a central role in that transition by delivering large-scale, zero-emission public transport while improving reliability and reducing operating emissions.
