GreenCell Mobility raises Rs 330 crore from Denmark fund to scale electric bus fleet
The Danish investment fund backs India's clean transport infrastructure push as the operator plans to roll out 4,500 new electric buses across 105 cities.
Electric bus operator GreenCell Mobility has secured Rs 330 crore in equity funding from Impact Fund Denmark to expand India's clean public transport network.
The Mumbai-based startup plans to use the new capital to roll out approximately 4,500 electric buses over the next six to eight quarters. The expansion will take its total planned fleet to more than 5,000 buses operating across 105 cities, covering both intracity routes and intercity journeys under its NueGo brand.
Global confidence in India's green transition
The funding highlights growing international investor interest in India's rapid transition towards sustainable infrastructure. Global institutions are increasingly treating electric public transport in the country as a mature, bankable asset class supported by clear government policy and strong demand for urban mobility.
Lars Bo Bertram, Chief Executive of Impact Fund Denmark, said India remains a primary destination for the institutional investor, highlighting GreenCell Mobility's potential to address urban air pollution through clean transit.
"Electric public mobility is moving from an emerging opportunity to an investable infrastructure asset class in India," said Dhanpal Jhaveri, Chief Executive of Eversource Capital, the green fund manager that backs GreenCell Mobility.
Fleet expansion targets
Founded in 2019, GreenCell Mobility operates across electric Mobility-as-a-Service (eMaaS), vehicle operations, and charging infrastructure. By May 2026, the company had put more than 1,200 electric buses on the road and set up over 270 charging stations across the country.
| Operational Metric | Current / Previous | Planned Target |
|---|---|---|
| Active electric buses | Over 1,200 | Over 5,000 |
| Cities covered | Not disclosed | 105 cities |
| Charging stations | Over 270 | Not disclosed |
| Recent equity funding | — | Rs 330 crore |
| Mezzanine debt (Jan 2026) | USD 89 million | — |
Devndra Chawla, Managing Director and Chief Executive of GreenCell Mobility, said the new capital gives the firm financial flexibility to execute its expanding order book and manage large-scale operations across multiple states.
The equity injection follows a USD 89 million mezzanine funding round raised in January 2026 from the International Finance Corporation, British International Investment, and Tata Capital. GreenCell Mobility has not disclosed its enterprise valuation or the exact equity stake acquired by Impact Fund Denmark.
Key numbers
| What | Figure | Source |
|---|---|---|
| Equity funding amount | Rs 330 crore | GreenCell Mobility |
| Target total fleet size | Over 5,000 electric buses | GreenCell Mobility |
| Planned new bus deployment | Around 4,500 electric buses | GreenCell Mobility |
| Target city coverage | 105 cities | GreenCell Mobility |
| Deployment timeframe | 6 to 8 quarters | Devndra Chawla, MD & CEO |
| Deployed electric buses as of May 2026 | Over 1,200 | GreenCell Mobility |
| Mezzanine debt raised in January 2026 | USD 89 million | GreenCell Mobility |
In this story
| Name | Role in the story |
|---|---|
| India | Country where the fleet expansion and clean transport initiatives are taking place. |
| Impact Fund Denmark | Danish institutional investor providing Rs 330 crore equity funding. |
| GreenCell Mobility | Electric bus operator raising funding to expand fleet across India. |
