British International Investment (BII), the UK’s development finance institution and impact investor, has committed $33 million to GreenCell Mobility (GreenCell), a leading electric bus company in India, to accelerate the shift towards zero emission public transport across the country. This is part of a $89 million mezzanine financing jointly provided by BII, IFC and Tata Capital.
India is grappling with severe air pollution challenges alongside rapid economic growth and rising demand for travel. With transportation responsible for approximately 12 per cent of energy-related greenhouse gas emissions, decarbonising the sector has become a national priority. The Government of India has set an ambitious target of achieving 30 per cent EV penetration by 2030, signalling the urgency to transition to cleaner transport.
Backed by Eversource Capital, GreenCell operates India’s largest manufacturer agnostic electric bus platform with a fleet of over 1,200 e-buses serving intra-city and intercity routes, supported by more than 270 charging stations across India.
The funding will help expand the fleet to 3,700 buses, delivering services across Delhi, Madhya Pradesh, Andhra Pradesh, Bihar and Puducherry under the National E-Bus Program and PM Seva E‑Mobility initiative.
Shilpa Kumar, Managing Director and Head of India at BII, said:
“Climate action is a key priority for BII in India, with electric mobility as a key pillar of our climate investment strategy. Getting more electric buses on the roads is an effective way to decarbonise public transport at scale. Our investment in GreenCell Mobility reflects our commitment to supporting proven platforms that accelerate clean mobility.”
This investment builds on BII’s wider support for India’s EV ecosystem and highlights its commitment to climate‑mitigating initiatives, green tech innovation and a faster energy transition.
Media contact
British International Investment:
Nia Tam, Corporate Communications Associate
About British International Investment
British International Investment is the UK’s development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people’s lives and help protect the planet. BII’s work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good.
Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development. The company has investments in over 1,600 businesses across 66 countries and total net assets of £9.87 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn, Bluesky and X.
