GreenCell announces INR 330 crore equity investment from Impact Fund Denmark

GreenCell Mobility has announced an INR 330 crore equity investment from Impact Fund Denmark to support its electric bus expansion across India.

The Eversource Capital-backed company says the capital will support the rollout of around 4,500 electric buses, taking its fleet to more than 5,000 vehicles across 105 cities. These are planned deployment figures, rather than a count of buses already operating.

The announcement links the funding to execution of GreenCell's order book and strengthening service delivery across intra-city and intercity transportation. GreenCell operates an electric mobility-as-a-service business that includes bus operations and charging infrastructure.

Managing director and chief executive Devndra Chawla said the investment would give the company greater headroom to accelerate its plans while maintaining reliability, efficiency and customer experience.

The transaction brings another institutional investor into the business as electric bus operators seek capital to expand fleets and supporting infrastructure. For GreenCell, the next measurable development will be the delivery of buses into service and the operating performance of those deployments.

The company has not disclosed Impact Fund Denmark's shareholding, the transaction valuation, deployment dates or the remaining financing required for the planned rollout. The INR 330 crore investment should not be presented as the entire cost of the 4,500-bus programme.