The investment will help the Eversource Capital-backed company expand its fleet to more than 5,000 electric buses.
Homegrown electric bus platform GreenCell Mobility has secured an equity investment of ₹330 crore from Impact Fund Denmark (IFDK) to support the deployment of around 4,500 electric buses in the country, the company announced on Tuesday. The investment will help the Eversource Capital-backed company expand its fleet to more than 5,000 electric buses operating across 105 cities in India.
According to Dhanpal Jhaveri, CEO of Eversource Capital, electric public mobility is emerging as an investable infrastructure asset class in India, with GreenCell established to build the operational capabilities and scale required to develop a long-term business.
“Electric public mobility is moving from an emerging opportunity to an investable infrastructure asset class in India. GreenCell was created with that conviction – to build the operating capabilities and institutional scale needed to build an enduring business. The equity investment from IFD demonstrates the depth of long-term institutional capital now backing GreenCell Mobility. The next phase is about putting that capital to work with discipline – expanding the business, deepening its capabilities and creating long-term value as India transitions to electric mobility," Jhaveri said in a statement.
Focus On Scaling Bus Operations
Devndra Chawla, MD and CEO of GreenCell Mobility, welcomed IFD as a shareholder and acknowledged the continued support of Eversource, IFC, BII and Tata Capital.
"We welcome IFD as a shareholder and value the continued confidence of Eversource, IFC, BII and Tata Capital as we take GreenCell forward. We have established a strong presence across both intra-city and intercity transportation, with the operating experience to manage increasingly large and complex deployment.
"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," noted Chawla.
Investment To Support Green Mobility Transition
Lars Bo Bertram, CEO of Danish firm Impact Fund Denmark, said India was a key market for the organisation and described GreenCell as an investment opportunity in a rapidly growing market that also addresses air pollution.
“India is a central market for Impact Fund Denmark. GreenCell is a strong investment opportunity in a rapidly growing market, while also addressing one of India’s major challenges air pollution. Scaling electric transportation can contribute to cleaner cities and accelerate India’s green transition," said Bertram.
