GreenCell Mobility Pledges Over $180 Million to Boost the Indian EV Market by Expanding Electric Buses

25 May 2023


GreenCell Mobility plans to invest $182.45 million (INR 1,500 crore) into expanding its fleet of electric buses in India by 2024. The aim of GreenCell Mobility, an electric mobility service platform, is to more than double its existing number of e-buses on Indian roads.

GreenCell is a mobility-as-a-service (MaaS) provider that directly interacts with customers by offering them comprehensive transportation solutions that cover various modes of travel. 

As per the BIS Research report, the global mobility as a service market was estimated to be at $39.23 billion in 2021, which is expected to grow with a CAGR of 25.7% and reach $379.66 billion by 2031. 


This expansion by GreenCell Mobility supports its growing operations and also establishes the necessary charging infrastructure. 

Here’s the Complete Story

EverSource Capital, a company promoting GreenCell Mobility, plans to invest $182.45 million by 2024 to significantly increase the number of electric buses it operates on Indian roads. 

GreenCell Mobility, which operates as an electric mobility platform, intends to deploy an additional 1200 e-buses for both intra-city and inter-city travel.

Additionally, it aims to establish the necessary charging infrastructure to support its expanded operations in the country. GreenCell acquires electric buses through a contract manufacturing agreement. 

According to Devndra Chawla, the CEO of GreenCell Mobility, “the company aims to create a comprehensive ecosystem to facilitate the rapid adoption of electric vehicles in the public transportation sector.” 

Chawla highlighted the benefits of electric buses, such as their zero tailpipe emissions and lower operational costs. 

Currently, electric buses are mainly utilized for intra-city transportation due to limitations in charging infrastructure availability. However, GreenCell Mobility is already operating e-buses on intercity routes under the NueGo brand and is actively working toward expanding its operations in this area.


NueGo Launched World's First All-Women Intercity Bus 

NueGo, a prominent electric bus brand in India under GreenCell Mobility, has initiated the world's inaugural all-women intercity bus journey from Kashmere Gate ISBT, Delhi, to Agra on May 16th, 2023. The intercity bus was managed by a proficient team of female drivers and onboard hosts, catering exclusively to female passengers. 

NueGo places significant importance on ensuring the safety and comfort of women passengers during their travels. Furthermore, NueGo is committed to minimizing carbon emissions, making it an environmentally friendly choice for passengers. The brand prioritizes safety by equipping its buses with CCTV surveillance, comfortable seating, and well-trained coach hosts who are readily available to address any inquiries or issues.

Conclusion

GreenCell Mobility, in collaboration with Eversource Capital, also secured a loan of $55 million from the Asian Development Bank, Asian Infrastructure Investment Bank, and Clean Technology Fund Energy in order to enhance their mobility-as-a-service. 

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