IFC Invests $137 Million in E-Mobility to Deploy 4,000 E-Buses Across India

IFC is providing $137 million in financing to two e-mobility companies in India. Of this, $100 million is allocated to JBM ECOLIFE, which is part of JBM Auto Limited, and $37 million in mezzanine capital is allocated to GreenCell Mobility, which is sponsored by Eversource Capital.

The financing will support the deployment of 4,000 electric buses and associated charging infrastructure. These will be implemented across 39 municipalities in the states and union territories of Maharashtra, Assam, Gujarat, Andhra Pradesh, Bihar, Madhya Pradesh, Puducherry, and New Delhi.

A Payment Security Mechanism (PSM) is being introduced to address payment risks from municipal and state transport agencies, with the aim of improving the financial viability of electric bus projects. The World Bank Group supported both the development of a master concession agreement for municipal tenders under the PM eBus SEWA national bidding process and the operationalization of the PSM. The projects are expected to create 12,000 jobs.

Nishant Arya, Vice Chairman and MD, JBM Auto Limited, said, “Over the last three years, we have successfully deployed our zero-emission public mobility solutions across various cities pan-India. With trusted partners like IFC supporting this initiative, we are all set to augment the electric bus deployment with enhanced agility and scale. Our new-age electric buses, along with our fully integrated operations across the entire e-bus operations and charging value chain, will continue to lead India’s e-mobility momentum toward taking clean public mobility solutions to the grassroots level.”

Makhtar Diop, Managing Director, International Finance Corporation, said, “E-mobility is the future—and we are making it possible through investments in leaders like JBM and GreenCell. Together, we’re setting benchmarks for sustainable, resilient, and globally replicable urban transport—a foundational pillar of India’s urban transformation agenda. By leveraging innovative financing and a pioneering payment security mechanism, we’re mobilizing private capital at scale to support national priorities. India’s leadership is accelerating its own transition while shaping how cities worldwide finance the next generation of mobility solutions.”

Dhanpal Jhaveri, Vice Chairman and CEO, Eversource Capital, said, “We are pleased to deepen our partnership with IFC through this investment in our portfolio company, GreenCell Mobility, which represents a pivotal step in advancing India’s clean transport transition. It reflects shared conviction in the scalability of zero-emission, commercially viable platforms that can redefine public transit. GreenCell has consistently delivered across critical dimensions—fleet expansion, rigorous safety standards, disciplined asset management, digital integration, and inclusive employment. This funding underscores how catalytic private capital, when aligned with global institutional expertise, can drive innovation and build resilient systems that deliver long-term value to commuters, cities, and investors alike. Together, we remain committed to accelerating the transition to sustainable mobility nationwide.”

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