Greencell Mobility

About Greencell Mobility

GreenCell Mobility, established in 2019, is an Indian electric mobility platform aiming to lead the country's transition to sustainable surface transport. The company was promoted by EverSource Capital, a joint venture between Everstone Group and Lightsource bp, to capitalize on e-mobility technology and the Indian government's push for vehicle electrification. EverSource Capital, managed by CEO Dhanpal Jhaveri, focuses on green infrastructure investments in India, aligning with Jhaveri's extensive background in corporate finance, investment banking, and his passion for environmental sustainability.

The company operates on an Electric Mobility-as-a-Service (eMaaS) model, providing comprehensive solutions that include owning, operating, and maintaining electric vehicles and their associated charging infrastructure. Its business is structured into two main verticals: a Business-to-Government (B2G) segment and a Business-to-Consumer (B2C) segment. In the B2G market, GreenCell operates electric buses for state and municipal transport entities under long-term Gross Cost Contract (GCC) models, which guarantee revenue and minimize traffic-related risks. The company has secured contracts for approximately 1,500 electric buses in 25 cities through government initiatives like the FAME-II scheme. For its B2C operations, GreenCell runs a premium intercity electric bus service under the brand name 'NueGo', which has expanded its network to over 100 cities. This service aims to provide a superior travel experience, similar to aviation standards, and has attracted a young, digitally-savvy demographic, with 82% of its customers under the age of 35.

GreenCell Mobility is OEM-agnostic, meaning it does not manufacture its own buses but procures them from various makers, including partnerships with VE Commercial Vehicles and EKA Mobility. The company is also heavily investing in building a captive charging infrastructure, with plans for hundreds of DC fast chargers across India to support its growing fleet. Since its inception, GreenCell has undergone several funding rounds, including significant debt financing from institutions like REC, the Asian Development Bank, and Sumitomo Mitsui Banking Corporation, to fuel its expansion. With a clear strategy to increase its fleet to 5,000 buses in the coming years, GreenCell is positioned to play a crucial role in reducing India's carbon footprint and dependence on fossil fuels.