As part of the initiative, IFC will provide $37 million in mezzanine capital to GreenCell Mobility, which is sponsored by Eversource Capital. An additional $100 million will go to JBM Ecolife, a subsidiary of JBM Auto Ltd, to scale up its electric bus manufacturing and operations.
In total, the investments will facilitate the deployment of around 4,000 e-buses and associated charging infrastructure across 39 municipalities in states including Maharashtra, Assam, Gujarat, Andhra Pradesh, Bihar, Madhya Pradesh, Puducherry, and the National Capital Territory of Delhi, according to a statement.
Together, these efforts are expected to generate up to 12,000 jobs, with a special focus on creating employment opportunities for women.
This investment also marks a first-of-its-kind initiative in India to incorporate a formal Payment Security Mechanism (PSM)—a move that addresses long-standing payment risks associated with municipal and state transport undertakings. The PSM, developed with support from the World Bank Group, enhances the bankability and replicability of future e-bus projects across the country.
The programme also aligns with the Government of India’s PM eBus Sewa scheme, a national electric bus procurement initiative. IFC’s financing complements the government’s Production-Linked Incentive (PLI) programs and broader climate goals to transition towards cleaner transport.
“GreenCell has consistently delivered across critical areas—from fleet expansion and safety standards to digital integration and inclusive employment. This funding showcases how catalytic private capital, aligned with global institutional expertise, can drive innovation and long-term value for commuters, cities, and investors alike,” said Dhanpal Jhaveri, Vice Chairman and CEO of Eversource Capital.
With India operating over 800,000 public buses and 1.2 million private buses, the country presents a significant opportunity for electrification and climate-aligned growth.
Makhtar Diop, Managing Director of IFC, stated that “e-mobility is the future, and with our investments in players like GreenCell and JBM, that future is now. By leveraging innovative financial structures and reliable payment guarantees, we’re mobilizing private capital at scale to transform urban transport.”
Nishant Arya, Vice Chairman and Managing Director of JBM Auto Ltd, pointed out that with IFC’s support, JBM would expand its zero-emission solutions with enhanced agility and scale. “Our integrated e-bus and charging operations will continue to lead the e-mobility momentum,” he added.
