GreenCell Mobility, an electric mobility-as-a-service company, has secured DKK230 million ($35 million) in funding from Impact Fund Denmark. The funding was routed through Impact Fund Denmark’s Danish SDG Investment Fund II.

GreenCell, Eversource Capital’s green mobility arm, plans to use the fresh capital to expand electric bus operations across India.

The Mumbai-based company currently operates 1,200 electric intracity and intercity buses in India. It aims to more than triple its operational fleet to 4,500 electric buses across more than 100 Indian cities.

The SDG Investment Fund II mobilizes capital from five Danish pension funds: PKA, PFA, PBU, Pensam, and P+. The fund aims to contribute to the realization of the United Nations Sustainable Development Goals through commercial private sector investments in developing countries.

The investment is covered by a guarantee issued by the European Union under the European Fund for Sustainable Development Plus framework. It is Impact Fund Denmark’s third investment in the e-mobility sector.

The development comes months after GreenCell secured $89 million in a mezzanine financing round led by the British International Investment, IFC, and Tata Capital to accelerate the deployment of zero-emission public transport in India.

The company announced plans to use the funding to expand its fleet to 3,700 electric buses, operating across Delhi, Madhya Pradesh, Andhra Pradesh, Bihar, and Puducherry under government programs such as the National E-Bus program and the PM Seva E-Mobility program.

Earlier this year, GreenCell, along with EKA Mobility, received a letter of award to supply and operate 915 electric buses in Hyderabad, Telangana, under the government’s PM E-DRIVE (Electric Drive Revolution in Innovative Vehicle Enhancement) program.

The project involves rolling out 100 nine-meter and 815 12-meter non-AC standard electric buses to strengthen urban public transport.

The Union Cabinet approved the PM E-DRIVE program in 2024, with a total outlay of ₹109 billion (~$1.29 billion).