In a major move to electrify public transport in India and enhance access to innovative urban mobility solutions, IFC is providing $137 million in financing to two leading e-mobility players—$100 million to JBM ECOLIFE (JBM), part of JBM Auto Limited, a top-tier manufacturer and operator of e-buses in India, and $37 million in mezzanine capital to GreenCell Mobility (GreenCell), India’s largest OEM-agnostic e-bus operator, sponsored by Eversource Capital.
These investments will help create 12,000 jobs, including opportunities for women, and deploy 4,000 e-buses and charging stations across 39 municipalities in Maharashtra, Assam, Gujarat, Andhra Pradesh, Bihar, Madhya Pradesh, Puducherry, and New Delhi.
In a market first, the projects pioneer the use of a formal Payment Security Mechanism (PSM) to mitigate payment risks associated with municipal and state transport undertakings, enhancing the bankability and replicability of future e-bus projects. The World Bank Group has supported the Government of India to develop a bankable master concession agreement, to tender municipal concessions under the PM eBus SEWA national bidding approach (a government initiative to promote electric buses), in addition to supporting the operationalization of the PSM.
Nishant Arya, Vice Chairman and MD, JBM Auto Limited, said, “Over the last three years, we have successfully deployed our zero-emission public mobility solutions across various cities pan-India. With trusted partners like IFC supporting this initiative, we are all set to augment the electric bus deployment with enhanced agility and scale. Our new-age electric buses, along with our fully integrated operations across the entire e-bus operations and charging value chain, will continue to lead India’s e-mobility momentum toward taking clean public mobility solutions to the grassroots level.”
Dhanpal Jhaveri, Vice Chairman and CEO, Eversource Capital, said, “We are pleased to deepen our partnership with IFC through this investment in our portfolio company, GreenCell Mobility, which represents a pivotal step in advancing India’s clean transport transition. It reflects shared conviction in the scalability of zero-emission, commercially viable platforms that can redefine public transit. GreenCell has consistently delivered across critical dimensions—fleet expansion, rigorous safety standards, disciplined asset management, digital integration, and inclusive employment. This funding underscores how catalytic private capital, when aligned with global institutional expertise, can drive innovation and build resilient systems that deliver long-term value to commuters, cities, and investors alike. Together, we remain committed to accelerating the transition to sustainable mobility nationwide.”
Makhtar Diop, Managing Director, International Finance Corporation, said, “E-mobility is the future—and we are making it possible through investments in leaders like JBM and GreenCell. Together, we’re setting benchmarks for sustainable, resilient, and globally replicable urban transport—a foundational pillar of India’s urban transformation agenda. By leveraging innovative financing and a pioneering payment security mechanism, we’re mobilizing private capital at scale to support national priorities. India’s leadership is accelerating its own transition while shaping how cities worldwide finance the next generation of mobility solutions.”
With 800,000 public buses and 1.2 million private buses in operation, India represents a substantial market for electrification. These investments are part of the World Bank Group’s effort to further accelerate e-mobility, reduce transport emissions, and position India as a global EV manufacturing hub, while aligning with key government initiatives and the Production-Linked Incentive (PLI) programs. We aim to deepen our engagement with subnational entities and support India’s ambition to build thriving, sustainable, and future-ready cities under the urban transformation agenda.
