British International Investment (BII) has committed $33 million to GreenCell Mobility as part of an $89 million mezzanine financing alongside International Finance Corporation (IFC) and Tata Capital, to support the expansion of electric bus services in India.
The investment comes as India seeks to address air pollution and reduce emissions from transport, which accounts for around 12% of energy-related greenhouse gas emissions. The government has set a target of 30% electric vehicle penetration by 2030.
Backed by Eversource Capital, GreenCell operates India’s largest manufacturer-agnostic electric bus platform, with a fleet of more than 1,200 e-buses and over 270 charging stations nationwide. The funding will support plans to expand the fleet to 3,700 buses, serving routes across Delhi, Madhya Pradesh, Andhra Pradesh, Bihar and Puducherry under national e-mobility programmes.
Shilpa Kumar, managing director and head of India at BII, said: “Climate action is a key priority for BII in India, with electric mobility as a core pillar of our climate investment strategy. Getting more electric buses on the roads is an effective way to decarbonise public transport at scale.”
The investment builds on BII’s broader support for India’s electric vehicle ecosystem and its focus on climate mitigation, green technology and the energy transition.
