Offshore investor to fund GreenCell, a project supported by Eversource, with over $100 million
In a significant development for the Indian electric mobility sector, GreenCell Mobility Pvt Ltd, an electric mobility firm backed by Eversource Capital, is reportedly raising over $100 million (Rs 874 crore) from an offshore investor. The identity of this new offshore investor, however, has not been disclosed in the public sources accessed.
The funds raised will be used for the expansion of GreenCell's electric bus services, which are currently operational and have already begun Phase 1 deployment in August. The company operates intercity electric bus services under the NueGo brand.
The successful fundraising could boost the company's growth and development in the electric mobility industry, potentially attracting more foreign investments in the sector.
Meanwhile, another player in the Indian electric mobility sector, Ecofy, which is backed by Eversource, is facing operational challenges. Reports suggest that Ecofy is experiencing an increase in bad loans and high operational expenses.
In a separate development, TPG and Flipkart-backed logistics firm Shadowfax has confidentially filed for an Initial Public Offering (IPO), but no information about the planned IPO's size, timing, or offering price was provided.
Ares Asia, another investment firm, has secured a key Limited Partner for a new special situations fund with an India mandate, but no details about the focus or strategy of this fund were given.
Lastly, TVS Holdings' realty arm is expected to receive foreign investment for housing projects, but no specific information about the amount or source of the investment was provided.
These developments highlight the growing interest and investment in the Indian electric mobility sector, with companies like GreenCell Mobility Pvt Ltd leading the way in the adoption of electric bus services. As the sector continues to evolve, it will be interesting to see how these investments impact the industry's growth and sustainability.
[1] Source: [Link to the first source] [2] Source: [Link to the second source]
The funds raised by GreenCell Mobility Pvt Ltd, a company specializing in electric mobility, could potentially be invested in technology for enhancing their electric bus services, as they aim to expand their operations. On a different note, a challenge faced by Ecofy, another player in the sector, is an increase in bad loans and high technology expenses.
