GreenCell Mobility, an electric bus platform and portfolio company of Eversource Capital, has secured an equity investment of ₹330 crore from Impact Fund Denmark (IFDK). The investment will support the deployment of approximately 4,500 electric buses currently in the company’s pipeline, taking its fleet to more than 5,000 electric buses across 105 cities in India.
The investment strengthens GreenCell Mobility’s institutional backing as it expands its presence in India’s electric public transportation sector. The company operates across both intra-city and intercity transportation and is focused on executing its order book, strengthening service delivery and scaling its operational capabilities.
Dhanpal Jhaveri, CEO of Eversource Capital, said the investment reflects the growing recognition of electric public mobility as an investable infrastructure opportunity in India. He noted that GreenCell Mobility was established to build the operational capabilities and institutional scale required for long-term growth.
Jhaveri added that the investment from IFD demonstrates the depth of long-term institutional capital supporting GreenCell Mobility. The company’s next phase will focus on disciplined expansion, strengthening its capabilities and creating long-term value as India transitions towards electric mobility.
Devndra Chawla, MD & CEO of GreenCell Mobility, welcomed IFD as a shareholder and acknowledged the continued support of existing investors, including Eversource Capital, IFC, BII and Tata Capital.
Chawla said the company has established a presence in intra-city and intercity transportation, supported by operational experience in managing increasingly large and complex deployments. He added that GreenCell Mobility will focus on executing its order book, improving service delivery and ensuring its organisational capabilities keep pace with its expanding operations.
According to Chawla, the equity investment will provide the company with greater financial flexibility to accelerate its plans while maintaining its focus on reliability, efficiency and customer experience.
Lars Bo Bertram, CEO of Impact Fund Denmark, said India remains a key market for the fund and described GreenCell Mobility as an investment opportunity in a rapidly growing sector. He also highlighted the potential of scaling electric transportation to address air pollution, support cleaner cities and accelerate India’s green transition.
The investment comes as GreenCell Mobility prepares to expand its electric bus operations across India, with the planned deployment expected to increase its fleet to more than 5,000 buses and extend its presence across 105 cities.
