GreenCell Mobility Raises ₹330 Cr for Electric Bus Expansion
Everstone Capital-backed EV startup GreenCell Mobility has raised ₹330 Cr ($34.6 Mn) in an equity funding round led by Impact Fund Denmark.
The funding will support the rollout of about 4,500 electric buses currently under deployment. The company is eyeing expanding its fleet to more than 5,000 e-buses across 105 cities across India.
Founded in 2019, GreenCell Mobility focuses on deploying and operating electric buses for public transportation. The Mumbai-based startup acquires electric buses via contract manufacturing arrangements with vendors and then deploys them for both intercity and intracity travel, primarily under the brand NueGo. The company claims to operate more than 1,200 electric buses and over 270 charging stations to support its fleet.
Newsletter
The corridor, every morning.
Funding rounds and cross-border capital moves, one email, five minutes.
India's electric bus segment has so far drawn strong interest from development finance institutions and lenders backing vehicle deployments under long-term public transport contracts. GreenCell's latest round suggested that investors are also beginning to back the operating platform layer in the category, not just asset financing.
Large-scale electric bus deployments require funding not only for vehicles but also for the operational capabilities and charging infrastructure needed to support them.
GreenCell Mobility managing director and chief executive Devndra Chawla said, “Our focus is on executing our order book with rigour, strengthening service delivery and ensuring that the organisation keeps pace with the size and complexity of our operations. This equity investment gives us greater headroom to accelerate our plans while maintaining the standards of reliability, efficiency and customer experience that are fundamental to our business.”
More in Funding
