GreenCell Mobility, backed by Eversource Capital, has raised ₹330 crore in equity from Impact Fund Denmark to support the rollout of around 4,500 electric buses, even as execution delays, battery-performance issues and widening losses pose challenges.
The company, which operates electric buses under government contracts and the NueGo intercity network, had deployed over 1,200 buses as of May 2026. Revenue rose 31 per cent to ₹652 crore in FY25, while net losses widened 70 per cent to ₹125 crore, according to ICRA.
The Danish investment adds to existing capital commitments, including ₹1,080 crore from Green Growth Equity Fund and ₹800 crore in mezzanine financing.
“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.
Lars Bo Bertram, chief executive of Impact Fund Denmark, called GreenCell “a strong investment opportunity in a rapidly growing market.”
However, scaling up remains a challenge. Crisil’s September assessment showed only 141 buses operational under a 1,697-bus programme across Bihar, Madhya Pradesh, Andhra Pradesh and Puducherry, citing delays in approvals and depot handovers.
“Our focus is on executing our order book with rigour, strengthening service delivery and ensuring that the organisation keeps pace with the size and complexity of our operations,” said Devndra Chawla, managing director and chief executive of GreenCell Mobility.
ICRA also flagged weaker battery performance and accelerated replacements, which reduced fleet availability and hurt profitability. Still, rating agencies pointed to GreenCell’s strong backers, warranty-backed battery replacements and adequate liquidity.
Chawla said the fresh investment provides “greater headroom to accelerate our plans” while maintaining reliability, efficiency and customer experience.
For GreenCell, the key test now is converting a growing order book into operational buses while improving fleet availability and containing losses.