is exploring a potential $500 million fundraising to support its expanding electric mobility business, as it looks to execute and expand an order book of nearly 10,000 electric buses, according to industry sources.
JBM has raised over $250 million to date for its platform, including a $100 million investment in FY26, and is expected to raise additional capital as deployments accelerate.
Rising investments in electric mobility space
The capital flowing into the segment has accelerated sharply over the past year. JBM Auto has secured about $100 million from the International Finance Corporation (IFC), while GreenCell Mobility has raised nearly $89 million from IFC, British International Investment, and Tata Capital. Private equity major KKR has committed about $310 million to back PMI Electro Mobility and related platforms.
Strong order book and growth outlook
The planned fundraise is intended to support the execution of its existing order book and expand its pipeline.
Vice Chairman of JBM Group, Nishant Arya, declined to comment on the fundraising. He said, “Our current order book is close to 10,000 buses, and we expect to at least double that over the next one to two years,” Nishant Arya, Vice Chairman, JBM Group, said. speaking to businesslline
JBM registered over 1,200 electric buses in FY26, capturing about a 24% market share and emerging as India’s largest electric bus manufacturer by volume.
Shift towards scaled deployments
Together, these investments signal a decisive shift from pilot projects to scaled deployments. India’s electric bus market expands beyond government-led procurement into intercity, private fleet, and institutional segments such as school and staff mobility, Arya said.
“The bus market is not just the STU market. The intercity operators and new players are also coming in,” he added.
Manufacturing scale and capacity expansion
The company operates one of the world’s largest integrated electric bus manufacturing facilities outside China, with an annual capacity of 20,000 units, Arya said.
JBM has also expanded its in-house battery capacity from around 3 GWh to about 6 GWh, giving it greater control over costs and supply chains as the market scales.
Changing business models and financing structure
The nature of these long-term gross cost contracts (GCC) is reshaping the economics of the sector, requiring manufacturers to manage operations, maintenance, and financing over multi-year periods.
The industry’s ownership structure is also evolving, with a clear separation emerging between manufacturers, fleet operators, and infrastructure providers, as private equity-backed platforms acquire buses and lease them to state transport undertakings.
Improving bankability and investor interest
Payment security mechanisms backed by multilateral agencies have further de-risked the business, improving bankability and attracting institutional capital.
As a result, electric buses are increasingly being viewed as infrastructure assets—similar to toll roads or power projects—where long-term contracts underpin predictable cash flows.
JBM is also tapping into this evolving ecosystem. “We are onboarding leasing companies… for deployment and financing of buses,” Arya said, highlighting the growing role of financial partners.
Execution challenges and industry dynamics
While demand visibility remains strong, execution will be critical, with capacity utilisation still low across the industry and margins under pressure due to rising input costs and working capital intensity.
JBM, however, believes it is well-positioned to navigate these challenges. “Capacity is not a constraint for us… we are looking to maintain and grow our market share further,” Arya noted.
New growth segments and future outlook
Beyond public transport, the company is expanding into corporate mobility, institutional transport and intercity routes, where utilisation levels and economics are more predictable. “There are opportunities across public transport, intercity, school and staff mobility, supported by significantly lower operating costs,” he said.
The company is targeting cumulative e-kilometres of electric bus operations of over 3 billion globally over the next few years.
Energy transition and global outlook
The shift is also extending to energy sourcing, with operators integrating solar and open-access power into charging infrastructure to reduce operating costs and insulate fleets from volatility in fossil fuel prices, he added.
“The current global situation will actually enable the EV industry as countries move towards energy self-reliance,” the JBM Vice Chairman further explained.