GreenCell Mobility raises $89 million to expand electric bus fleet to 3,700 vehicles across India
By Eve
GreenCell Mobility has secured $89 million in mezzanine funding led by the International Finance Corporation, British International Investment and Tata Capital. The operator currently runs more than 1,200 electric buses supported by over 270 charging stations and plans to scale to 3,700 buses under contracts awarded through the National E-Bus Programme and PM Seva E-Mobility initiative, covering intra-city routes in Delhi, Madhya Pradesh, Andhra Pradesh, Bihar and Puducherry.
Why it matters: The funding signals major charging infrastructure expansion as GreenCell scales from 270 to support 3,700 buses, creating procurement opportunities for depot charging hardware and energy management systems across tier-2 and tier-3 Indian cities. Development finance backing underscores the bankability of large scale public transport electrification projects in emerging markets.