India’s electric public transport ecosystem has received a significant boost as the International Finance Corporation (IFC) announced a $137 million investment aimed at accelerating the deployment of electric buses and charging infrastructure across the country. This initiative reflects India’s commitment to sustainable urban mobility and the transition toward zero-emission public transport systems.
The funding is being allocated to two key players in the e-mobility sector:
-
JBM Ecolife, a subsidiary of JBM Auto Ltd, will receive $100 million to deploy modern, air-conditioned electric buses in cities across Maharashtra, Assam, and Gujarat. The investment will enable the company to expand its fleet and support large-scale adoption of electric buses in urban centres.
-
GreenCell Mobility, an OEM-agnostic electric bus operator backed by Eversource Capital, will receive $37 million in mezzanine capital. These funds will support the expansion of GreenCell’s operations in multiple regions, enhancing the company’s capacity to deliver reliable and sustainable electric bus services.
The combined effort is expected to deploy approximately 4,000 electric buses and charging stations across 39 municipalities in states including Maharashtra, Assam, Gujarat, Andhra Pradesh, Bihar, Madhya Pradesh, Puducherry, and Delhi. In addition to strengthening India’s EV infrastructure, the project is anticipated to generate around 12,000 jobs, with a strong emphasis on providing employment opportunities for women.
Makhtar Diop, Managing Director of IFC, highlighted the strategic significance of this investment, stating that it sets benchmarks for sustainable, resilient, and globally replicable urban transport solutions. He added that innovative financing mechanisms and a pioneering payment security structure will help mobilise private capital at scale, supporting India’s urban transformation agenda.
This initiative aligns with India’s broader goals of reducing carbon emissions, promoting clean energy, and modernising public transportation. By supporting both JBM Ecolife and GreenCell Mobility, IFC aims to create a replicable model for electrified urban mobility that can inspire similar projects across emerging markets.
India’s electric bus sector is expected to grow significantly in the coming years, and initiatives like this IFC-backed investment will play a crucial role in shaping the country’s sustainable transportation landscape, providing cleaner alternatives to conventional diesel buses while promoting economic and environmental benefits.
Click Here to get the latest EV news and exclusive updates from EV Mechanica on WhatsApp!