GreenCell Mobility, an electric mobility platform promoted by Eversource Capital, is set to invest Rs 15 billion ($200 million) to more than double the number of electric buses it deploys in India in the next year. The company aims to expand operations across the country, with plans to deploy an additional 1,200 e-buses for intra and inter-city travel and set up the necessary charging infrastructure. 

GreenCell sources electric buses from vendors on a contract manufacturing basis. The company already operates e-buses on intercity routes under the NueGo brand and it plans to expand its network of superchargers to grow operations across the country.

GreenCell Mobility currently has 800 e-buses on the road and is aiming to have 2,000 on the road (including those supplied on a gross-cost-contract basis to state transport undertakings) and 250 chargers in place by the end of the ongoing financial year. The company is independently operating services in 11 cities at the inter-city level and plans to add 4-5 more cities in the fiscal year 2024 (FY24).

The company is targeting revenues of $75 million in FY24 and $125 million in annual recurring revenue when all 2,000 buses are deployed. With the push from the government towards e-mobility, particularly in the public transport sector, GreenCell Mobility sees a huge opportunity to grow. The electric vehicle industry in India is expected to grow at a compounded annual growth rate (CAGR) of 36 per cent until 2030.

GreenCell Mobility has secured contracts for about 1,500 electric buses across 25 cities in India in the business-to-government (B2G) segment, including the recent agreement for 570 electric buses from the transport department of the government of NCR Delhi. The company has already deployed the first intercity e-bus for the Maharashtra State Road Transport Corporation with 50 electric buses for intercity travel across Maharashtra in Pune, Aurangabad, Kolhapur, Nasik, and Solapur.

The Asian Development Bank, the Asian Infrastructure Investment Bank, and the Clean Technology Fund have sanctioned a $55 million loan to GreenCell Mobility. The company is profitable at an operating level, which is unusual for a consumer-tech start-up.