Energy
Mumbai-based GreenCell Mobility has raised ₹330 crore from Impact Fund Denmark to accelerate the expansion of its electric bus fleet, strengthening its presence in India’s growing electric mobility sector.
Founded in 2019 by Ashok K. Agarwal, GreenCell Mobility operates electric buses for city transportation and intercity travel under its NueGo brand.
The company currently has more than 1,600 electric buses deployed. The latest investment will support the addition of approximately 4,500 electric buses over the next six to eight quarters, taking its fleet beyond 5,000 buses across 105 cities.
Backed by Eversource Capital, GreenCell previously raised $89 million in mezzanine funding in January 2026 from the International Finance Corporation (IFC), British International Investment and Tata Capital.
The company also operates charging infrastructure, with more than 270 charging stations reported as of May 2026.
As GreenCell scales its operations, managing fleet deployment, charging infrastructure and operational efficiency will remain critical to its expansion. The investment highlights the growing role of institutional capital in accelerating electric public transportation across India.
