Supports deployment of ~4,500 electric bus
across India
Mumbai: GreenCell Mobility, India’s largest
OEM-agnostic electric bus platform and a portfolio company of Eversource
Capital, today 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”