IFC Invests in JBM Group for E-Mobility in India
International Finance Corporation (IFC), a member of the World Bank Group, has committed USD 137 million to accelerate electric public transportation in India through investments in JBM Group and GreenCell Mobility. The funding aims to expand e-bus fleets, build charging infrastructure, and scale sustainable urban mobility across multiple states and union territories.
Under the commitment, IFC will provide USD 100 million to JBM ECOLIFE, part of JBM Auto Ltd and a manufacturer-operator of electric buses in India. An additional USD 37 million in mezzanine capital will go to GreenCell Mobility, an OEM-agnostic e-bus operator sponsored by Eversource Capital. Together, these investments are designed to catalyze large-scale electrification of public transport systems and strengthen the ecosystem for clean mobility.
The initiative targets both environmental and socio-economic outcomes. IFC estimates that the program will support thousands of jobs and expand access to cleaner, modern urban transport. It also seeks to boost women’s participation in the mobility workforce through training and inclusive hiring.
- Planned deployment of 4,000 electric buses and associated charging stations
- Implementation across 39 municipalities in Maharashtra, Assam, Gujarat, Andhra Pradesh, Bihar, Madhya Pradesh, Puducherry, and New Delhi
- Creation of approximately 12,000 jobs, with a focus on opportunities for women
IFC highlighted that India’s vast bus network—around 800,000 public buses and 1.2 million private buses—represents a significant opportunity for electrification. By combining innovative financing structures with a payment security mechanism, IFC intends to mobilize private capital at scale and support national decarbonization goals.
Makhtar Diop, IFC’s Managing Director, emphasized that e-mobility is central to the future of urban transport. He noted that backing leaders such as JBM and GreenCell can help set benchmarks for sustainable, resilient, and replicable solutions, contributing to India’s broader urban transformation agenda. He also underscored that financial innovations are helping accelerate the transition while shaping how cities can fund next-generation mobility.
The investments align with broader efforts to reduce transport-related emissions, enhance air quality, and position India as a global hub for electric vehicle manufacturing. They complement key government priorities, including national e-mobility programs and Production-Linked Incentive (PLI) schemes that encourage local production and technological advancement.
Nishant Arya, Vice Chairman and Managing Director of JBM Auto Ltd, said the company has deployed zero-emission public mobility solutions across several Indian cities over the past three years. With IFC’s support, JBM plans to accelerate e-bus rollout and scale operations to meet growing demand for clean, reliable public transport.
Beyond deploying vehicles, the program is expected to expand charging infrastructure, improve operational efficiency, and enhance passenger experience through modern, low-emission fleets. By reducing dependence on fossil fuels and lowering operating costs over time, the investments aim to deliver long-term benefits for cities, operators, and commuters alike.
As Indian cities continue to grow, the electrification of public transport is viewed as a critical step toward sustainable urban development. IFC’s partnership with JBM Group and GreenCell Mobility is intended to serve as a model for mobilizing capital, managing risk, and delivering measurable environmental and social impact in urban mobility.
