Mumbai-based electric mobility startup GreenCell Mobility has raised Rs 330 crore in equity funding from Impact Fund Denmark to support the expansion of its operations across India.

The Eversource Capital-backed startup said the investment will support the deployment of approximately 4,500 electric buses, taking its planned fleet to more than 5,000 vehicles across 105 cities.

GreenCell Mobility's managing director and CEO, Devndra Chawla, said the funding will provide greater financial flexibility to execute existing orders and manage the operational demands of expanding its fleet.

“We are a fast growing company and hope to deploy the buses over the next six to eight quarters,” Chawla said.

Founded in 2019, GreenCell Mobility operates electric buses on intracity and intercity routes, including services under its NueGo brand. The company focuses on eMaaS, fleet operations and charging infrastructure.

As of May 2026, GreenCell had deployed more than 1,200 electric buses and operated over 270 charging stations across India. Its backer, Eversource Capital, is a partnership between Everstone Group and the founders of Lightsource, a solar energy company.

In January 2026, GreenCell secured $89 million in mezzanine financing from the International Finance Corporation (IFC), British International Investment (BII) and Tata Capital to support fleet expansion and charging infrastructure.

IFC had also announced a $37 million mezzanine financing commitment in September 2025, although it is unclear whether that amount formed part of the January funding.

Dhanpal Jhaveri, CEO of Eversource Capital, said the latest investment reflected growing institutional interest in electric public transport.

“Electric public mobility is moving from an emerging opportunity to an investable infrastructure asset class in India,” Jhaveri said.

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