GreenCell Mobility, a Mumbai-based electric bus platform backed by Eversource Capital, has raised Rs 330 crore, about USD 34.6 million, in an equity round from Impact Fund Denmark, the Danish impact investor formerly known as IFU. The company said the money will support the rollout of about 4,500 electric buses across India.
The investment adds Impact Fund Denmark to a shareholder list that already includes Eversource Capital, the International Finance Corporation, British International Investment and Tata Capital. The company has not disclosed the valuation set in the round.
GreenCell was set up in 2019 and runs electric buses on both intra-city and intercity routes, mainly under the NueGo brand for intercity travel.
The Equity Round and Its Investors
Impact Fund Denmark is a Danish impact investment institution that provides equity, loans and guarantees to businesses in developing markets across green energy and infrastructure.
Lars Bo Bertram, chief executive of Impact Fund Denmark, said India is a central market for the fund and that GreenCell is a strong opportunity in a fast-growing market that also addresses air pollution through cleaner transport.
Dhanpal Jhaveri, chief executive of Eversource Capital, said electric public mobility in India is moving from an emerging opportunity to an investable infrastructure asset class, and that the next phase for GreenCell is about expanding the business and deepening its capabilities.
The company did not share the stake that Impact Fund Denmark will hold. The Economic Times reported in early August that the Danish fund was in talks to acquire a 15 to 20 percent stake in GreenCell for about Rs 500 crore.
How the Money Will Be Used
According to the company, the fresh capital will support the execution of its existing order book, the expansion of operations and the development of service delivery capabilities across intra-city and intercity electric bus transport.
Devndra Chawla, managing director and chief executive of GreenCell Mobility, said the equity gives the company greater headroom to accelerate its plans while holding to its standards on reliability, efficiency and customer experience. “We have established a strong presence across both intra-city and intercity transportation, with the operating experience to manage increasingly large and complex deployment,” he said.
GreenCell’s Fleet and Operating Model
GreenCell works on an Electric Mobility as a Service model, which covers electric bus operations, charging infrastructure and related services rather than only selling vehicles.
The company says it already runs more than 1,200 electric buses in India. That includes about 900 on intra-city routes, 300 intercity buses under the NueGo brand and 50 buses for the Maharashtra State Road Transport Corporation. It also runs more than 270 charging stations.
Read more: Electric mobility is drawing fresh capital across the value chain. See EV Charging Software Startup Ionage Raises $1.3 Million in Pre-Series A Round, a recent newzshort report on another company in the sector.
Previous Funding and the Valuation Question
The equity round follows a larger mezzanine raise in January 2026, when GreenCell collected INR 8 billion, about USD 89 million, from the International Finance Corporation, British International Investment and Tata Capital. Mezzanine funding is a hybrid structure that blends elements of debt and equity.
Neither round carried a disclosed valuation, so the price at which the latest shares were issued is not public.
Background and Leadership
GreenCell Mobility is a portfolio company of Eversource Capital, an investment firm focused on sustainable infrastructure, including electric mobility and renewable energy, and linked to the Everstone Group and Lightsource bp. Chawla leads the company as managing director and chief executive.
Its fleet runs under the NueGo brand on intercity routes, while its intra-city buses serve state transport contracts.
What Happens Next
Chawla said the company hopes to deploy the new buses over the next six to eight quarters. Its stated focus is on executing its order book with rigour and strengthening service delivery as the fleet grows.
The raise also points to where capital is moving in the segment. In March, electric bus maker PMI Electro Mobility and its platform Allfleet signed a deal with KKR, with an investment commitment of up to USD 310 million, a sign that large cheques remain available for operators that run fleets under long-term public transport contracts.
