IFC Invests $137 Million to Boost India’s Electric Bus Network

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  IFC to invest $137 million in JBM ECOLIFE and GreenCell Mobility for expanding e-bus deployment.
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  The project targets 4,000 e-buses across 39 cities in India.
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  A unique payment security mechanism will protect operators from delayed government payments.

India’s public transport system is taking a big step toward electrification. The International Finance Corporation (IFC), a member of the World Bank Group, has announced an investment of $137 million to support the expansion of electric buses across the country. The investment is directed at JBM ECOLIFE and GreenCell Mobility, two major players in the electric mobility space.

This move is expected to deploy 4,000 electric buses and set up charging infrastructure across 39 municipalities including states like Maharashtra, Assam, Gujarat, Andhra Pradesh, Bihar, Madhya Pradesh, Puducherry, and the National Capital Region.

Out of the total investment, $100 million will go to JBM ECOLIFE, helping scale up its production and operations. The remaining $37 million will be provided as mezzanine capital to GreenCell Mobility, backed by Eversource Capital, to accelerate its rollout of clean public transport solutions.

To tackle a common industry challenge, payment delays by municipal and state transport departments, the initiative will use a Payment Security Mechanism (PSM). This mechanism ensures timely payments to bus operators, encouraging more private sector participation in public transportation.

Also Read: LeafyBus Powers Ahead with $4.1 Million Funding to Electrify Intercity Travel

The investment is expected to create over 12,000 jobs, with a focus on engaging more women in the workforce. It also aligns with India’s climate goals, aiming to electrify 40% of its public bus fleet by 2030.

With over 800,000 public and 1.2 million private buses operating in India, the opportunity for transition is massive. IFC’s support marks a strong push for cleaner, more reliable and sustainable urban mobility solutions.

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