Supports deployment of ~4,500 electric bus across India

Mumbai, 13^th October 2026: GreenCell Mobility, India’s largest OEM-agnostic electric bus platform and a portfolio company of Eversource Capital, today announced an INR 330 crores equity investment from Impact Fund Denmark (IFDK). The fresh capital will support the rollout of ~4,500 electric buses currently. With this the company will have a fleet of more than 5,000 e-busses across 105 cities pan India.

Dhanpal Jhaveri, CEO, Eversource Capital, “Electric public mobility is moving from an emerging opportunity to an investable infrastructure asset class in India. GreenCell was created with that conviction – to build the operating capabilities and institutional scale needed to build an enduring business. The equity investment from IFD demonstrates the depth of long-term institutional capital now backing GreenCell Mobility. The next phase is about putting that capital to work with discipline – expanding the business, deepening its capabilities and creating long-term value as India transitions to electric mobility.”

Devndra Chawla, MD & CEO, GreenCell Mobility, “We welcome IFD as a shareholder and value the continued confidence of Eversource, IFC, BII and Tata Capital as we take GreenCell forward. We have established a strong presence across both intra-city and intercity transportation, with the operating experience to manage increasingly large and complex deployment. 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. This equity investment gives us greater headroom to accelerate our plans while maintaining the standards of reliability, efficiency and customer experience that are fundamental to our business.”

Lars Bo Bertram, CEO, Impact Fund Denmark, “India is a central market for Impact Fund Denmark. GreenCell is a strong investment opportunity in a rapidly growing market, while also addressing one of India’s major challenges air pollution. Scaling electric transportation can contribute to cleaner cities and accelerate India’s green transition”

About GreenCell Mobility:

GreenCell Mobility is a leading pan-India shared electric mobility player, leveraging global experience and developments in e-mobility technology to advance the electrification of transportation in India. Backed by Eversource Capital, the company is focused on Electric Mobility-as-a-Service (eMaaS), using electric buses and developing charging infrastructure and enabling solutions for the e-mobility value chain.

Website – greencellmobility.com

LinkedIn – https://www.linkedin.com/company/greencell-mobility

About Eversource:

Eversource is India’s leading sustainable infrastructure investor, driving transformation across energy and mobility value chains. It has raised the largest single-country sustainable infrastructure investment fund in the Global South, delivering financial returns alongside tangible progress towards the UN Sustainable Development Goals. Its first fund has a proven track record of building and scaling transformative businesses across electric mobility, renewable energy and resource efficiency. Eversource mobilises and deploys capital at scale, with ESG deeply integrated into its investment approach and a strong focus on value creation, net-zero goals and inclusive economic growth.

About Impact Fund Denmark:

Impact Fund Denmark is a Danish impact investor contributing to green, just and inclusive societies while supporting the Sustainable Development Goals. It provides risk capital to companies operating in developing countries across Africa, Asia, Latin America and parts of Europe, investing on commercial terms through equity, loans and guarantees. Its priority sectors are Green Energy & Infrastructure, Financial Services, Healthcare and Sustainable Food Systems.