GreenCell Mobility has raised Rs 330 crore, or about USD 34.6 million, in an equity round led by Impact Fund Denmark. GreenCell Mobility will use the money to support the rollout of around 4,500 electric buses currently under deployment.
The Mumbai-based company is an EV startup backed by Everstone Capital. GreenCell Mobility now aims to take its fleet past 5,000 e-buses across 105 cities in India.
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What GreenCell Mobility Does
GreenCell Mobility was founded in 2019 and focuses on deploying and operating electric buses for public transport. It acquires buses through contract manufacturing arrangements with vendors and then runs them on intercity and intracity routes.
The company is backed by Eversource Capital, a joint venture between Everstone Capital and Lightsource. GreenCell Mobility operates mainly under the brand NueGo.
It claims to run more than 1,200 electric buses in India. That includes 900 on intra-city routes, 300 under NueGo for inter-city travel, and 50 for MSRTC. The company also runs over 270 charging stations to support its fleet.
What The MD Says
Devndra Chawla is managing director and chief executive of GreenCell Mobility. He said the focus is on executing the order book with rigour and strengthening service delivery. He said the equity investment gives the company more headroom to accelerate its plans. Standards on reliability, efficiency and customer experience will stay the same, he said.
Who Has Backed It Before
GreenCell Mobility previously raised USD 37 million from the World Bank’s International Finance Corporation. Its backers also include Eversource Capital, British International Investment and Tata Capital.
The latest round is a signal about where the money is going in this segment. India’s electric bus market has so far drawn development finance institutions and lenders who back vehicle deployments under long-term public transport contracts. GreenCell’s raise suggests investors are now funding the operating platform layer as well, not just the assets.
Why The Segment Needs Capital
Large electric bus deployments need money for more than vehicles. They need operational capability and charging infrastructure to keep the fleet running, and that is where a platform like GreenCell sits.
The segment has seen other large commitments this year. In March, electric bus maker PMI Electro Mobility and its platform Allfleet signed a deal with KKR. The investment commitment runs up to USD 310 million.