The International Finance Corporation (IFC), a member of the World Bank Group, has announced a commitment of USD 137 million to the JBM Group to advance e-mobility in India. As part of this investment, USD 100 million will be provided to JBM ECOLIFE, a subsidiary of JBM Auto Ltd engaged in manufacturing and operating e-buses, while USD 37 million in mezzanine capital will be extended to GreenCell Mobility, an OEM-agnostic e-bus operator sponsored by Eversource Capital.
The funding will enable the deployment of 4,000 electric buses and charging stations across 39 municipalities in states including Maharashtra, Assam, Gujarat, Andhra Pradesh, Bihar, Madhya Pradesh, Puducherry, and the National Capital Territory of Delhi. IFC estimates the initiative will create 12,000 jobs, with a strong focus on opportunities for women, while promoting clean and accessible public transport.
Makhtar Diop, Managing Director, IFC, said “E-mobility is the future, and we are making it possible by investing in leaders like JBM and GreenCell. Together, we are setting benchmarks for sustainable, resilient, and globally replicable urban transport. By leveraging innovative financing and a pioneering payment security mechanism, we are mobilizing private capital at scale to support India’s national priorities and shape the next generation of mobility solutions worldwide.”
With nearly 800,000 public buses and 1.2 million private buses in operation, India represents a significant market for electrification. These investments are part of the World Bank Group’s broader efforts to accelerate e-mobility, reduce transport emissions, and position India as a global hub for EV manufacturing, aligned with government initiatives and Production-Linked Incentive (PLI) programs.
Nishant Arya, Vice Chairman and MD, JBM Auto Ltd, added “Over the past three years, we have successfully deployed zero-emission public mobility solutions in multiple cities across India. With IFC as a trusted partner, we are now set to scale up our electric bus deployment with greater speed and agility.”
JBM ECOLIFE Mobility Pvt Ltd, a subsidiary of JBM Auto Ltd, is one of India’s leading players in electric bus mobility and the EV ecosystem. The company currently operates e-buses across several major cities, including Mumbai, Delhi, Ahmedabad, Surat, Bhubaneswar, Hyderabad, Cuttack, and others. Expanding rapidly, JBM ECOLIFE aims to deploy over 6,500 buses within the next two years, strengthening its presence across multiple cities and states.
JBM Auto is a global leader in electric bus manufacturing and EV ecosystem solutions. The company designs and produces advanced, zero-emission electric buses that set industry benchmarks for technology, safety, and efficiency across diverse geographies.
JBM Auto has established the world’s largest integrated electric bus manufacturing facility outside China, located in the Delhi-NCR region, with an annual production capacity of 20,000 buses. Its comprehensive product portfolio spans city and intercity buses, luxury coaches, staff and school buses, as well as special-purpose vehicles. By driving innovation and scale, JBM Auto is spearheading the global transition to electric mobility, delivering sustainable transportation solutions for the future.
