GreenCell Mobility Secures $37 Mn Investment from World Bank’s IFC

IFC, the World Bank’s investment arm, has invested $37 Mn in GreenCell Mobility to boost its electric bus expansion in India.

International Finance Corporation (IFC), the private investment arm of the World Bank, has announced a $37 Mn (INR 326.6 Cr) investment in GreenCell Mobility, a shared electric mobility startup backed by Eversource Capital.

The infusion, structured as a mix of debt and equity, is set to fast-track GreenCell’s growth in India’s electric bus sector.

The new funds from IFC will help GreenCell Mobility accelerate its electric bus expansion across India.

IFC also confirmed an additional $100 Mn (INR 882.7 Cr) investment in JBM Ecolife Mobility, signaling its strong commitment to India’s EV ecosystem.

Together, these investments aim to create 12,000 jobs, deploy 4,000 e-buses, and establish charging infrastructure across 39 municipalities in Maharashtra, Assam, Gujarat, Andhra Pradesh, Bihar, Madhya Pradesh, Puducherry, and New Delhi.

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Founded in 2019, GreenCell Mobility operates over 1,200 electric buses across the country. Of these, 900 serve intra-city routes, 300 run intercity services under its NueGo brand, and 50 operate for MSRTC.

The company also manages more than 270 charging stations to support its fleet.

The IFC funding adds to GreenCell’s impressive capital stack. In March 2024, it secured $36.7 Mn from Sumitomo Mitsui Banking Corporation for its Uttar Pradesh electric bus project.

Prior to that, it raised $55 Mn in debt from the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), and Clean Technology Funds (CTF).

With IFC’s backing, GreenCell Mobility is poised to scale faster, strengthen its position in India’s green transport space, and contribute to the country’s ambition of becoming a global EV manufacturing hub.