PE-VC Fund Investments
IFC to invest $100-M in JBM Auto’s e-mobility arm, $37-M in GreenCell Mobility
Press Release JBM Ecolife Mobility
International Finance Corporation (IFC) is providing USD 137 million to two e-mobility players: USD 100 million to Gurugram-based JBM Auto's group firm JBM Ecolife Mobility , a manufacturer and operator of e-buses. JBM Ecolife Mobility Pvt Ltd is an electric bus mobility player. The company is currently operating electric buses across Mumbai, Delhi, Ahmedabad, Surat, Bhuwaneshwar, Hyderabad, Cuttack. The firm will use the capital to expand to other cities and will be operating 6500+ buses within the next 2 years.In a separate transaction, IFC will provide USD 37 million in mezzanine capital to Mumbai-based GreenCell Mobility, an OEM-agnostic e-bus operator, sponsored by Eversource Capital. GreenCell Mobility , backed by Eversource Capital, operates the intercity electric bus service NueGo, which claims to be India’s largest premium intercity electric bus service. NueGo operates a fleet of 300+ electric buses connecting 100+ cities.
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