GreenCell Mobility Raises ₹330 Cr to Expand Electric Bus Fleet

Indian electric bus operator GreenCell Mobility has secured ₹330 crore (approximately $34.6 million) in an equity funding round led by Impact Fund Denmark. The capital will support the deployment of approximately 4,500 electric buses. The company aims to grow its fleet to over 5,000 e-buses across 105 cities in India.

GreenCell Mobility managing director and chief executive Devndra Chawla stated that the investment provides greater capacity to accelerate deployment plans and maintain operational standards. Founded in 2019, GreenCell Mobility focuses on deploying and operating electric buses for public transportation, acquiring vehicles through contract manufacturing and utilizing them for both intercity and intracity travel.

Backed by Eversource Capital, GreenCell primarily operates under the brand NueGo. The company reports operating over 1,200 electric buses in India, including 900 on intra-city routes, 300 under its NueGo brand for inter-city travel, and 50 for MSRTC. It also manages over 270 charging stations to support its fleet.

The Indian electric bus segment has attracted significant interest from development finance institutions and lenders supporting vehicle deployment through long-term public transport contracts. This latest funding round for GreenCell suggests a growing investor appetite for operating platforms in the sector, beyond traditional asset financing. The investment underscores the role of institutional capital in expanding India's electric public transportation infrastructure.