GreenCell Mobility secures INR 8 billion Mezzanine Funding from IFC, BII, and Tata Capital

GreenCell Mobility (GCM), an electric bus platform backed by Eversource Capital, has raised INR 8 billion (USD 89 million) in a mezzanine funding round from the International Finance Corporation (IFC), British International Investment (BII), and Tata Capital. Mezzanine funding is a hybrid financing structure that combines elements of debt and equity.

According to the company, the funding will be used to support fleet expansion and related infrastructure development. GreenCell Mobility currently operates over 1,200 electric buses across intra-city and intercity routes and has more than 270 charging stations across India.

The company plans to expand its fleet to approximately 3,700 electric buses. This includes buses secured through auctions conducted under the National E-Bus Program and the PM Seva E-Mobility initiative. These buses are slated to operate across Delhi, Madhya Pradesh, Andhra Pradesh, Bihar, and the Union Territory of Puducherry.

Dhanpal Jhaveri, Vice Chairman, Everstone Group and CEO, Eversource Capital, said, “Through this funding round for GreenCell Mobility, we are deepening our partnership with IFC, BII and Tata Capital (leaders in sustainable investments). The transaction exemplifies the catalytic role that private, development and institutional capital can play in accelerating India’s clean transport revolution. GCM’s expanded operations will drive transformation efficient transportation to cities and commuters while delivering returns.”

Devndra Chawla, Managing Director & CEO, GreenCell Mobility, said: “This fundraise marks a significant milestone in GreenCell Mobility’s journey to build electric mobility as a mainstream, scalable public transport solution for India. The participation of IFC, BII and Tata Capital reflects strong conviction in our platform, our operating model, and our ability to execute at scale. As we expand our fleet and charging infrastructure across states under programmes such as PM Seva E-Mobility, our focus remains on delivering reliable, cost-efficient and zero-emission transport for cities and intercity corridors. We believe electric buses will be foundational to India’s next phase of urban mobility, and this capital positions us well to support that transition responsibly and sustainably.”

Katherine Koh, Regional Industry Manager for Infrastructure and Natural Resources, Asia and Pacific IFC, “Electrifying buses is central to India’s urban transformation agenda, and our mezzanine investment in GreenCell will accelerate the rollout of sustainable public transport for thousands of people across India’s tier-2 and tier-3 cities. It will create jobs while catalyzing private capital through innovative financing and payment-security models. Together, this approach strengthens economic growth and positions India at the forefront of how cities worldwide finance the next generation of urban transport.”

Shilpa Kumar, Managing Director and Head of India, British International Investment, “Climate action is a key priority for BII in India, with electric mobility as a key pillar of our climate investment strategy. Electric buses are a critical lever for decarbonising public transport at scale. Our investment in GreenCell Mobility reflects our commitment to supporting proven platforms that accelerate clean mobility.”

Mr. Manish Chourasia, Chief Operating Officer – Corporate & Cleantech Finance, Tata Capital, “Tata Capital is pleased to participate in this strategic investment that accelerates India’s transition to cleaner, more efficient transport. GCM’s innovative approach aligns with our vision for sustainable urban development and inclusive growth.”

The company said the funding supports its expansion and reflects investor participation in the development of electric public transport infrastructure.

Also read: IFC invests $137 million in e-mobility to deploy 4000 e-buses across India