JBM ECOLIFE Mobility, a subsidiary of electric bus manufacturer JBM Auto, has secured a ₹7.5 billion (~$79.4 million) investment from Motilal Oswal Alternates, the alternative investment arm of Motilal Oswal Group, to expand its electric bus operations across India.

The company said the funding will be used to support the deployment of approximately 2,000 electric buses operating under long-term agreements with state transport authorities across key Indian cities.

The investment will support the rollout of high-capacity, energy-efficient electric buses as part of the company’s public transportation operations.

JBM Auto Vice Chairman and Managing Director Nishant Arya said the company expects the number of JBM electric buses operating across India to increase from about 3,400 currently to approximately 5,000 within the next 12 months.

This deployment is expected to contribute to lower emissions and reduced diesel consumption over the vehicles’ operating life.

The company said the investment aligns with government initiatives, including the PM e-Bus Sewa Program and PM e-Drive initiative.

JBM has over 11,000 buses deployed and under execution. The company also operates an electric bus manufacturing facility in the Delhi-National Capital Region with an annual production capacity of 20,000 buses.

The buses have clocked over 150 million electric kilometers and served more than 1 billion passengers. The fleet has helped save over 75 million liters of fossil fuel and avoid more than 200,000 tons of carbon dioxide emissions.

Electric vehicle (EV) sales in India reached 696,769 units in the first quarter (Q1) of 2026, an increase of over 35.5% year-over-year against the 514,198 units.

EVs account for 9% of overall automobile sales, which totaled 7,889,101 units in Q1 2026, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard.

The quarter saw the sale of 1,518 electric buses. Switch Mobility Automotive led the segment, selling 542 units, followed by JBM Auto with 451 units. Other significant electric bus companies in the market include PMI Electro Mobility Solutions (256), Aeroeagle Automobiles (71), and Olectra Greentech (65).

Earlier this year, the Ministry of Heavy Industries amended the Phased Manufacturing Program requirements for electric buses and electric trucks under the PM Electric Drive Revolution in Innovative Vehicle Enhancement Scheme, mandating domestic manufacturing of key EV components.

Last September, JBM ECOLIFE Mobility secured a $100 million long-term capital investment from International Financial Corporation to deploy 1,455 air-conditioned electric buses across cities in Maharashtra, Assam, and Gujarat.