Everstone Capital-backed electric mobility company GreenCell Mobility has raised Rs 330 crore (USD 34.6 million) in an equity funding round led by Impact Fund Denmark, according to a media report. The investment will support the deployment of approximately 4,500 electric buses and strengthen the company’s expansion plans across India.
Headquartered in Mumbai, GreenCell Mobility aims to expand its fleet to more than 5,000 electric buses across 105 cities in the country. The fresh capital will help the company execute its existing deployment commitments while strengthening its operational capabilities to support a larger fleet.
Commenting on the investment, GreenCell Mobility Managing Director and CEO Devndra Chawla said the funding would provide additional capital to execute the company’s order book, improve service delivery, and manage the operational requirements associated with fleet expansion.
Founded in 2019, GreenCell Mobility specialises in deploying and operating electric buses for public transportation. The company procures vehicles through contract manufacturing arrangements with vendors and operates them across intercity and intracity routes.
Backed by Eversource Capital, a joint venture between Everstone Capital and Lightsource, GreenCell Mobility primarily operates under the NueGo brand.
Currently, the company operates more than 1,200 electric buses across India, including around 900 buses on intracity routes, 300 under its NueGo intercity service and 50 for the Maharashtra State Road Transport Corporation (MSRTC). Additionally, it operates more than 270 charging stations to support its electric bus fleet.
GreenCell Mobility has previously secured USD 37 million from the International Finance Corporation, the World Bank’s private-sector investment arm. Its other investors include Eversource Capital, British International Investment, and Tata Capital.
The latest funding comes as institutional investors increase their interest in India’s electric bus sector. Operators require substantial capital to deploy vehicles, develop charging infrastructure, and fulfill long-term public transportation contracts. Consequently, the investment highlights continued investor interest in electric bus fleet operators and the infrastructure supporting their expansion.
Meanwhile, in March 2026, electric bus manufacturer PMI Electro Mobility and its electric bus platform Allfleet signed a definitive agreement with private equity firm KKR for an investment commitment of up to USD 310 million. The proposed investment aimed to support the platform’s expansion across India. Subsequently, PMI filed for an initial public offering (IPO) through the confidential route.
