GreenCell Mobility Raises ₹8 Billion Mezzanine Funding from IFC, BII, Tata Capital

GreenCell Mobility (GCM), an electric bus platform backed by Eversource Capital, has raised ₹8 billion (USD 89 million) through a mezzanine funding round led by the International Finance Corporation (IFC), British International Investment (BII), and Tata Capital. The funding was announced in Mumbai on January 21, 2026.

The company said the capital will be used to support fleet expansion and related infrastructure development across multiple states under government-backed electric bus programmes. GreenCell Mobility operates as an OEM-agnostic electric bus platform in India.

Eversource Capital, the sponsor of GreenCell Mobility, confirmed the participation of development finance institutions and domestic lenders in the transaction. IFC and BII are existing investors in India’s infrastructure and clean mobility segments, while Tata Capital participated through its corporate and cleantech finance arm.

GreenCell Mobility currently manages a fleet of over 1,200 electric buses operating on intra-city and intercity routes. The company said its operations are supported by more than 270 charging stations across the country.

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According to the company, the funding will support expansion to a total fleet size of around 3,700 electric buses. This includes buses secured through tenders under the National E-Bus Programme and the PM Seva E-Mobility initiative. The awarded routes span Delhi, Madhya Pradesh, Andhra Pradesh, Bihar, and the Union Territory of Puducherry.

Dhanpal Jhaveri, Vice Chairman of Everstone Group and CEO of Eversource Capital, said, “This funding round for GreenCell Mobility deepens our partnership with IFC, BII and Tata Capital and reflects the role of institutional capital in scaling clean transport solutions in India.”

Devndra Chawla, Managing Director and CEO of GreenCell Mobility, said the funds will support fleet and charging infrastructure expansion under central and state transport programmes. “The participation of IFC, BII and Tata Capital reflects confidence in our platform and operating model,” he said.

IFC said its mezzanine investment is intended to accelerate the deployment of electric buses, particularly in tier-2 and tier-3 cities.

Katherine Koh, Regional Industry Manager for Infrastructure and Natural Resources, Asia Pacific at IFC, said the investment supports sustainable public transport rollout and private capital mobilization.

BII said electric mobility remains a key focus area for its climate investments in India. Shilpa Kumar, Managing Director and Head of India at BII, said the investment supports large-scale decarbonization of public transport.

Tata Capital said its participation aligns with its focus on financing sustainable urban infrastructure. Manish Chourasia, Chief Operating Officer – Corporate and Cleantech Finance at Tata Capital, said the investment supports cleaner transport systems.

GreenCell Mobility did not disclose the tenure or pricing of the mezzanine funding. The company said deployment of additional buses will take place in phases in line with awarded contracts and project timelines.