The International Finance Corporation (IFC) is investing $137 million to advance electric public transport in India, providing $100 million to JBM ECOLIFE (JBM), a leading e-bus manufacturer and operator, and $37 million in mezzanine capital to GreenCell Mobility, India’s largest OEM-agnostic e-bus operator. These investments aim to deploy 4,000 e-buses and charging stations across 39 municipalities in Maharashtra, Assam, Gujarat, Andhra Pradesh, Bihar, Madhya Pradesh, Puducherry, and New Delhi, while creating 12,000 jobs, including opportunities for women.
The projects introduce a formal Payment Security Mechanism (PSM) to mitigate payment risks for municipal and state transport undertakings, enhancing the replicability and bankability of future e-bus initiatives. The World Bank Group has supported India in developing a bankable master concession agreement under the PM eBus SEWA program, facilitating municipal concessions and the operationalization of the PSM.
Executives from JBM and GreenCell emphasized that the partnership with IFC will accelerate India’s e-mobility transition by scaling zero-emission public transport solutions, strengthening operational integration, and promoting inclusive employment. Both companies aim to enhance fleet expansion, digital integration, and safety standards while delivering sustainable urban mobility.
Makhtar Diop, IFC Managing Director, highlighted that these investments set global benchmarks for sustainable, resilient, and scalable urban transport. By leveraging innovative financing and the PSM, IFC is mobilizing private capital to support India’s urban transformation and national priorities in clean mobility.
With over 800,000 public buses and 1.2 million private buses in operation, India represents a major market for electrification. This initiative aligns with government efforts, including Production-Linked Incentive (PLI) programs, and forms part of the World Bank Group’s broader strategy to accelerate e-mobility, reduce transport emissions, and position India as a global hub for electric vehicle manufacturing.
