GreenCell Receives $55 Mn Debt Funding From ADB, AIIB For 255 Electric Buses
Summary
While grants worth $5.2 Mn were received from Goldman Sachs and Bloomberg-backed CIDF, endowment of $325K was received from the CTF The electric mobility startup will largely use the debt financing towards the development of 255 electric battery-powered buses Backed by EverSource Capital, GreenCell Express plans to operate the 255 electric buses on 56 intercity routes to cater to 5 Mn people a yearShared electric mobility startup GreenCell Express has signed a $55 Mn (INR 450.6 Cr) financing deal with the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB) and Clean Technology Fund (CTF).The startup also received grants worth $5.2 Mn (INR 42.6 Cr) from Goldman Sachs and Bloomberg-backed Climate Innovation and Development Fund (CIDF). In addition, GreenCell also received endowments of $325K (INR 2.66 Cr) from the CTF.The debt financing will largely go towards the development of 255 electric battery-powered buses. This funding accelerates our agenda of promoting and investing in clean and sustainable businesses in India to achieve Indias climate objectives and Sustainable Development Goals, said EverSource Capitals managing director and chief executive officer (CEO) Dhanpal Jhaveri.EverSource Capital is a private equity firm that manages the countrys largest climate impact funds. The Mumbai-based startup plans to build, what it calls, an electric mobility-as-a-service (eMaaS) platform by deploying charging infrastructure and enabling products for the emobility value chain.The startup is currently implementing nearly 1,400 electric bus projects across multiple states including Maharashtra, Gujarat, Uttar Pradesh, New Delhi and Madhya Pradesh. EMotorad also bagged INR 24 Cr in Pre-Series A funding round led by a clutch of investors last month.According to a report, the homegrown EV market was pegged at $383.5 Mn in 2021.