GreenCell Mobility Secures ₹330 Crore from Impact Fund Denmark to Deploy 4,500 E-Buses

Mumbai-based GreenCell Mobility, an electric bus operating platform backed by Eversource Capital, has secured ₹330 crore in equity investment from Impact Fund Denmark (IFDK). The investment will support the deployment of approximately 4,500 electric buses across India. Following the planned deployment, GreenCell Mobility expects its fleet to exceed 5,000 electric buses operating across 105 cities in India.

The investment adds Impact Fund Denmark to GreenCell Mobility’s institutional investors, alongside Eversource Capital, International Finance Corporation (IFC), British International Investment (BII) and Tata Capital.

According to the company, the funding will support the execution of its existing order book, expansion of operations and development of service delivery capabilities across intra-city and intercity electric bus transportation.

Dhanpal Jhaveri, CEO, Eversource Capital, “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. The equity investment from IFD demonstrates the depth of long-term institutional capital now backing GreenCell Mobility. The next phase is about putting that capital to work with discipline – expanding the business, deepening its capabilities and creating long-term value as India transitions to electric mobility.”

Devndra Chawla, MD & CEO, GreenCell Mobility, “We welcome IFD as a shareholder and value the continued confidence of Eversource, IFC, BII and Tata Capital as we take GreenCell forward. We have established a strong presence across both intra-city and intercity transportation, with the operating experience to manage increasingly large and complex deployment. Our focus is on executing our order book with rigour, strengthening service delivery and ensuring that the organisation keeps pace with the size and complexity of our operations. This equity investment gives us greater headroom to accelerate our plans while maintaining the standards of reliability, efficiency and customer experience that are fundamental to our business.”

Lars Bo Bertram, CEO, Impact Fund Denmark, “India is a central market for Impact Fund Denmark. GreenCell is a strong investment opportunity in a rapidly growing market, while also addressing one of India’s major challenges air pollution. Scaling electric transportation can contribute to cleaner cities and accelerate India’s green transition”

GreenCell Mobility operates under an Electric Mobility-as-a-Service (eMaaS) model, providing electric bus operations, charging infrastructure and related services. The company is backed by Eversource Capital, an investment firm focused on sustainable infrastructure, including electric mobility, renewable energy and resource efficiency.

Impact Fund Denmark is a Danish impact investment institution that provides equity, loans and guarantees to businesses in developing markets. Its investment sectors include green energy and infrastructure, financial services, healthcare and sustainable food systems.

Also read: GreenCell Mobility to deploy 570 electric buses in Delhi