Greencell1 (IFC-51229)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
State of Delhi, Andhra Pradesh (AP), Madhya Pradesh (MP), Puducherry, and Bihar
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 3, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
GREENCELL MOBILITY PRIVATE LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 70.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 70.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 292.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 20, 2025

Disclosed by Bank Aug 1, 2025


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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the IFC, Greencell Mobility Private Limited (GMPL) (https://greencellmobility.com/) is Original Equipment Manufacturer (OEM) agnostic pure-play electric-bus (e-bus) mobility platform in India. GMPL conducts its operation under the Government concessions for intracity or intercity operations, i.e. Business to Government (B2G) and under direct to customer segment for intercity operations, i.e. Business to Consumer (B2C). The B2C operations are managed by M/s GreenCell Express Private Limited (GEPL) incorporated in June 2021 as a wholly owned subsidiary of GMPL and operate under the business name of NueGo. Typically, the B2G concessions include the procurement, operation and maintenance (O&M) of the e-buses and charging infrastructures under Gross Cost Contract (GCC) model.

According to the IFC, Greencell is looking to raise capital for the following projects under implementation:

(1) Concession awarded under the Government of India's (GoI) National E-bus Program (NEBP) in the State of Delhi. Total number of e-buses to be operationalized is 684, to be operated from 4 depots;
(2) Concessions awarded under and the flagship PM-eBus Sewa Scheme (PMES) across multiple cities of India in Andhra Pradesh (AP), Madhya Pradesh (MP), Puducherry and Bihar; Total number of e-buses to be operationalized is 1697, to be operated from 28 depots; and
(3) Expansion of B2C business and future B2G operations.

IFC proposes to subscribe to INR-denominated Non-Convertible Debentures (NCDs) to be issued by Greencell and its affiliates/ subsidiaries through two separate investments: Under Investment 1, IFC will subscribe to NCDs of up to US$70 million to be issued by affiliates and subsidiaries of Greencell in the PMES projects mentioned above, while remaining amount will be mobilized from other lenders.
Under Investment 2, IFC will invest up to US$37 million in Greencell to fund the remaining capital requirement for: (i) NEBP and PMES projects identified above; (ii) expansion of B2C operations, and future B2G operations, and (iii) operational expenses. The remaining capital will be mobilized from other investors.
Under B2G operations (such as PMES and NEBP), GMPL will be operating through wholly or partially owned SPVs as project implementing entity. These SPVs will enter into Concession Agreements (CA) covering all the identified/selected depots in the respective states spelling out the terms of engagement between the respective State Transport Undertakings (STUs) / Public Transport Authorities (PTA)/ Municipal Transport Undertaking (or the “Authority”) and the respective SPVs.

The Authority will provide depots to SPV which will be either brownfield depot sites, wherein either the complete depot or part of the depot may be provided for e-bus operations; or, greenfield sites that will be developed by the Authority before handing it over to SPVs as per the CA requirements. The Authority is responsible for providing land for the depot; electricity connection, power supply; bus permits; route schedule for the buses in advance; making payment on time; bus conductors; and collecting the ticketing revenue. Following handover by Authority, the SPVs will have limited construction activity under its scope. SPVs responsibility will primarily include installation of the charging stations and other infrastructure required for operating the depots and providing manpower including drivers to ensure continued bus service.

Investment 2 will also cover the existing PMES and NEBP B2G operations (as mentioned above). Investment 2 may have similar other B2G contracts under GCC model with different STUs in future. Investment 2 will also include B2C expansion, which is operated under GEPL, a wholly owned subsidiary of GMPL. At present, GMPL (through GEPL) has approximately 300 e-buses with 40+ routes covering 130 cities through 5 operational e-bus Depots (Ghaziabad/Sahibabad, Bangalore, Hyderabad, Chennai and Bhopal).

Depots are developed to accommodate parking of these e-buses along with allied infrastructure including EV bus charging, Battery Energy Storage System (BESS), backend power infrastructure, repair and maintenance, cleaning and washing, scheduling, administrative block, storage and disposal of scrap. Apart from Depot, there are also 29 mid points and end points where chargers are provided for charging e-buses. Mid Points (45 minutes charging) are mostly located in eateries i.e., restaurants or hotels where a charger is provided by GEPL for charging e-buses enroute.
In B2C operations, the average distance travelled per day is ~ 560 km per day and tickets for B2C services are sold to customers mostly via online platforms, NueGo website and at terminal offline. Under B2C Intercity bus operations, GEPL partners with existing fleet operators through a franchise model to operate the e-buses. These buses are deployed in a phased manner. GEPL executes an agreement with the franchise company for bus operations wherein all the terms and requirements (general EHS & labour compliance) are specified, and bus operators are required to meet all the requirements as per Contract or MoU signed between the parties.

Deployment of IFC investments (under Investment 2) for any new depots/ future projects (B2G contract or B2C expansion) will be expected to meet the requirements of the IFC Performance Standards; the framework and principles agreed and elaborated in the ESRS (including ESAP) will be followed. Further, prior to a decision on the deployment of balance amount to any future project, IFC will complete a review of that project including third party Environmental and Social Due Diligence (ESDD) and additional mitigation measures will be agreed and implemented by GMPL and its project SPVs as applicable. Accordingly, this ESRS and ESAP will be updated as and when needed to reflect the findings of IFC’s review of future project(s).

Commensurate with the fleet size proposed for each depot, some  of the key infrastructure at operational depots will include (almost similar in B2G and B2C operations): (a) Charging shed with charging stations; (b) power distribution infrastructure; (c) Maintenance shed with multiple maintenance pits; (d) bus parking lot; (e) bus washing area; and (f) security control room.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

According to the IFC, the total financing requirement by Greencell is INR25,045 million (~US$292 million).

The proposed investment by IFC will be made through two investments: (i) a secured straight senior loan by subscribing to the senior secured non-convertible debentures to be issued by Project Companies of Greencell (Investment 1) in an amount up to INR6,000 million (~US$70 million) and (ii) a mezzanine debt by subscribing to the sustainability linked non-convertible debentures to be issued by Greencell (Investment 2) in an amount up to INR3,200 million (~US$37 million).

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the IFC, GreenCell is promoted by Eversource Capital through the Green Growth Equity Fund (GGEF), which holds a 99.84% equity stake in the company. The remaining shareholding is held by Homage Ventures LLP (0.11%) and Mr. Parthasarathy Vankipuram Srinivasa (0.05%).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Eversource Capital Group Parent Company Finance owns GREENCELL MOBILITY PRIVATE LIMITED Client Transport

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Client - GreenCell Mobility Private Limited

Mr. Manish Poddar - CFO
Phone: +919811928242
Email: mpoddar@greencellmobility.com 
Address: Unit No. 405, 4th Floor, E Wing, Corporate Avenue, New A. K. Link Road, Chakala, Andheri (East), Mumbai, India
Website: www.greencellmobility.com  

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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