Greensail Mobility, the electric bus platform and portfolio company of Eversource Capital, has secured an equity investment of ₹330 crore from Impact Fund Denmark (IFDK). This investment will support the deployment of approximately 4,500 electric buses currently in the company’s pipeline, taking its fleet to over 5,000 electric buses across 105 cities in India.
This investment strengthens the institutional support of Greencell Mobility as it expands its presence in India’s electric public transportation sector. The company deals in both intra-city and intercity transportation and is focused on executing its order book, strengthening service delivery and enhancing its operational capabilities.
Dhanpal Jhaveri, CEO of Eversource Capital, said the investment reflects the growing recognition of electric public mobility as an investable infrastructure opportunity in India. He said Greensail Mobility was established to build the operational capabilities and institutional scale required for long-term growth.
Jhaveri said IFD’s investment reflects the depth of long-term institutional capital supporting Greencell Mobility. The company’s next phase will focus on disciplined expansion, strengthening its capabilities and creating long-term value as India moves towards electric mobility.
Devendra Chawla, MD & CEO, Greencell Mobility, welcomed IFD as a shareholder and acknowledged the continued support of existing investors including Eversource Capital, IFC, BII and Tata Capital.
Chawla said the company has established presence in intra-city and intercity transportation backed by operational experience in managing increasingly large and complex deployments. He said Greencell Mobility will focus on executing its order book, improving service delivery and ensuring that its organizational capabilities keep pace with its expansion operations.
According to Chawla, the equity investment will provide the company with greater financial flexibility to accelerate its plans while maintaining its focus on reliability, efficiency and customer experience.
Lars Bo Bertram, CEO of Impact Fund Denmark, said India remains a key market for the fund and described Greencell Mobility as an investment opportunity in the fast-growing sector. He also highlighted the potential of scaling up electric transportation to address air pollution, support clean cities, and accelerate India’s green transition.
The investment comes as Greencell Mobility prepares to expand its electric bus operations across India, with the planned deployment expected to increase its fleet by over 5,000 buses and increase its presence across 105 cities.