Mumbai-based electric mobility company GreenCell Mobility has raised ₹330 crore in equity funding from Impact Fund Denmark to expand its electric bus operations across India.
The investment will support the deployment of around 4,500 electric buses, taking the company’s planned fleet to more than 5,000 vehicles across 105 cities.
“We are a fast-growing company and hope to deploy the buses over the next six to eight quarters,” said Devndra Chawla, Managing Director and CEO, GreenCell Mobility.
The funding will also provide GreenCell with greater financial flexibility to execute existing orders and manage the operational requirements associated with scaling its fleet.
Expanding electric public transport
Founded in 2019, GreenCell Mobility operates electric buses on intracity and intercity routes through its eMaaS and fleet-operations businesses. Its services include the NueGo intercity bus brand, along with charging infrastructure and fleet-management solutions.
As of May 2026, the company had deployed more than 1,200 electric buses and operated over 270 charging stations across India.
GreenCell is backed by Eversource Capital, a partnership between Everstone Group and the founders of solar energy company Lightsource.
Earlier financing
In January 2026, GreenCell secured $89 million in mezzanine financing from the International Finance Corporation, British International Investment and Tata Capital. The financing was raised to support fleet expansion and the development of charging infrastructure.
The latest equity investment comes as India’s electric public-transport sector attracts increasing interest from institutional investors seeking exposure to sustainable mobility and infrastructure.
“Electric public mobility is moving from an emerging opportunity to an investable infrastructure asset class in India,” said Dhanpal Jhaveri, CEO, Eversource Capital.
With the latest funding, GreenCell plans to accelerate bus deployments and strengthen its presence in India’s expanding electric public-mobility market.
By: Sejal Thakur
