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International Finance Corporation (IFC), the private investment arm of the World Bank, has said that it is investing $137 Mn for e-bus makers JBM ECOLIFE (a unit of JBM Auto) and GreenCell Mobility.
The company will give $100 million to JBM ECOLIFE and $37 million in mixed equity-debt funding (mezzanine capital) to GreenCell, backed by Eversource Capital.
The investment will support 4,000 e-buses and charging stations across 39 cities in Maharashtra, Assam, Gujarat, Andhra Pradesh, Bihar, Madhya Pradesh, Puducherry, and New Delhi.
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The projects will use a first-of-its-kind payment security mechanism (PSM) to reduce risks from delayed payments by state transport undertakings. PSM will act as a guarantee, ensuring bus operators get paid on time.
"By leveraging innovative financing and a pioneering payment security mechanism (PSM), we’re mobilising private capital at scale to support national priorities. India’s leadership is accelerating its own transition while shaping how cities worldwide finance the next generation of mobility solutions,” said IFC managing director Makhtar Diop.
India has about 800,000 public buses and 1.2 million private buses, making it a strong base for electrification. With rising demand and policy support, this investment will aid India’s 2030 target of electrifying 40% of buses.
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Founded in 2019, GreenCell Mobility runs electric buses for public transport. Backed by Eversource Capital, it operates under the NueGo brand and has over 1,200 e-buses, including 900 for city routes, 300 for intercity travel and 50 for MSRTC. The company also manages 270+ charging stations.
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