Mumbai: GreenCell Mobility, India’s largest OEM-agnostic electric bus platform and a portfolio company of Eversource Capital, on Tuesday announced an INR 330 crores equity investment from Impact Fund Denmark (IFDK). The fresh capital will support the rollout of ~4,500 electric buses currently. With this the company will have a fleet of more than 5,000 e-busses across 105 cities pan India.
Dhanpal Jhaveri, CEO, Eversource Capital, “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.”
Devndra Chawla, MD & CEO, GreenCell Mobility, “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.”
Lars Bo Bertram, CEO, Impact Fund Denmark, “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”.
