GreenCell Mobility raises Rs330 cr from Danish fund to scale electric bus fleet

GreenCell Mobility, India’s largest electric bus platform, has secured Rs 330 crore in equity funding from Impact Fund Denmark to support its plans to deploy approximately 4,500 electric buses across the country, managing director and CEO Devndra Chawla told ET.

The investment will give the Eversource Capital portfolio company greater headroom to expand while managing increasingly complex deployments, Chawla said.

He did not disclose GreenCell’s enterprise valuation or the stake Impact Fund Denmark (formerly IFU) will hold following the investment. ET had reported in early August that the Danish fund was in talks to acquire a 15-20% stake in the company for about Rs 500 crore.


The investment strengthens GreenCell’s institutional backing as it scales operations in India’s growing electric public transport market. In January, the company had raised $89 million in mezzanine (hybrid) funding from the International Finance Corporation (IFC), British International Investment (BII) and Tata Capital.

With the latest expansion, the company’s fleet will exceed 5,000 electric buses across 105 cities. “We are a fast growing company and hope to deploy the buses over the next six to eight quarters,” Chawla said.

GreenCell operates in the shared electric mobility segment, focusing on electric mobility-as-a-service (eMaaS), electric bus operations, charging infrastructure and supporting solutions across the electric mobility value chain.

“Electric public mobility is moving from an emerging opportunity to an investable infrastructure asset class in India,” said Dhanpal Jhaveri, CEO of Eversource Capital.

Impact Fund’s investment comes as India looks to accelerate the electrification of public transportation, with institutional capital playing an increasingly important role in financing fleet expansion and supporting the development of large-scale electric mobility infrastructure.