Eversource Capital–Backed GreenCell Mobility Raises $89 Million from IFC, BII and Tata Capital to Scale E-Bus Fleet

GreenCell Mobility, backed by Eversource Capital, has secured ₹800 crore in mezzanine funding to support the expansion of its electric bus operations across India.  

The funding was provided by the International Finance Corporation (IFC), British International Investment (BII), and Tata Capital. 

Funding to Support Electric Bus Expansion and Infrastructure 

The ₹800 crore ($89 million) raised through mezzanine financing will be used to enhance GreenCell’s electric bus operations. Mezzanine funding is a hybrid structure that combines debt and equity, providing investors with higher potential returns than traditional debt while assuming more risk than conventional loans. 

GreenCell plans to scale up its fleet to approximately 3,700 buses. This capital will also aid in developing associated charging infrastructure under government initiatives such as PM Seva E-Mobility.  

The Mumbai-based firm follows an asset-owning and operation-driven model, where it procures and operates electric buses, managing end-to-end functions from deployment to maintenance. 

Operational Model with Public Partnerships 

GreenCell Mobility collaborates with state transport undertakings and urban local bodies through long-term gross cost contracts. Under these agreements, the company receives a fixed fee per kilometre from transport authorities, while fare collection remains the responsibility of the public entity.  

This model ensures fixed operational costs for governments while transferring service management to the private operator. 

Key Regional Operations and Contracts 

The company has existing and upcoming contracts spanning regions such as Delhi, Madhya Pradesh, Andhra Pradesh, Bihar, and Puducherry. The funding will aid in fulfilling its obligations under ongoing contracts and expanding service coverage across these areas. 

Read More: Insolation Energy Subsidiary Signs Solar Module Supply MoU with Bondada Engineering! 

GreenCell’s Role in Public Transport Electrification 

As cities focus on reducing emissions and enhancing sustainable transportation, GreenCell's role in electrification of public buses becomes more prominent.  

By offering an integrated model combining ownership, operational execution, and technological integration, the company forms a link between public initiatives and efficient implementation. 

Conclusion 

GreenCell Mobility’s ₹800 crore funding marks a step towards scaling its electric bus fleet and infrastructure. The support from IFC, BII, and Tata Capital ensures resources for execution under existing mobility programmes across India. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.