India’s transition to cleaner urban transport has received a major boost, as the International Finance Corporation (IFC) has committed $137 million to accelerate the deployment of electric buses and associated charging infrastructure nationwide.
The funding is split between two key players. JBM Ecolife (a subsidiary of JBM Auto Ltd) will get $100 million to roll out air-conditioned electric buses across cities in Maharashtra, Assam, and Gujarat. Meanwhile, GreenCell Mobility, an OEM-agnostic electric bus operator backed by Eversource Capital, will receive $37 million in mezzanine capital to scale its operations in multiple regions.
Together, the two firms are expected to deploy around 4,000 electric buses and establish charging stations across 39 municipalities in states and territories including Maharashtra, Assam, Gujarat, Andhra Pradesh, Bihar, Madhya Pradesh, Puducherry, and Delhi. The project is also projected to generate about 12,000 jobs, with special emphasis on creating opportunities for women.
IFC’s Managing Director, Makhtar Diop, underscored the importance of this investment as more than just finance: it’s a model for sustainable, resilient urban transport. He pointed out that the project’s innovative financing and payment security structures could help unlock further private capital, supporting India’s wider transformation agenda.
The initiative aligns closely with India’s goals to reduce carbon emissions, promote clean energy, and modernize public transport systems. By backing both JBM Ecolife and GreenCell Mobility, the IFC aims to create a replicable blueprint for electrified urban mobility that could be adopted in other emerging markets.
This investment comes at a time when India’s electric bus sector is poised for rapid growth. With this infusion of capital, the country is better placed to shift away from traditional diesel buses, offering cities cleaner transit options and boosting environmental and economic outcomes.
