World Bank's International Finance Corporation (IFC) today said that the organisation will be giving $137 million in financing to two e-vehicle companies in order to enhance electric mobility in India. The two companies are JBM Ecolife, which is part of the JBM Auto Ltd, and which will receive $100 million in financing; the other company is the e-bus operator GreenCell Mobility, which will receive $37 million.

As stated by IFC, these clutch of investments is slated to create up to 12,000 jobs, and will together deploy 4,000 electric buses across regions spanning Maharashtra, Assam, Gujarat, Andhra Pradesh, Bihar, Madhya Pradesh, Puducherry and New Delhi.

"The projects pioneer the use of a formal Payment Security Mechanism (PSM) to mitigate payment risks associated with municipal and state transport undertakings, enhancing the bankability and replicability of future e-bus projects," IFC said in a statement.

"The World Bank Group has supported the Government of India to develop a bankable master concession agreement, to tender municipal concessions under the PM eBus SEWA national bidding approach (a government initiative to promote electric buses), in addition to supporting the operationalization of the PSM," the statement further added.

Talking about the initiative, Makhtar Diop, Managing Director, International Finance Corporation, said that IFC believes e-mobility is the future and through this investment, it wants to support India's e-vehicle initiatives.

“E-mobility is the future—and we are making it possible through investments in leaders like JBM and GreenCell. Together, we’re setting benchmarks for sustainable, resilient, and globally replicable urban transport—a foundational pillar of India’s urban transformation agenda. By leveraging innovative financing and reliable guarantees, we’re mobilizing private capital at scale to support national priorities. India’s leadership is accelerating its own transition while shaping how cities worldwide finance the next generation of mobility solutions," Diop said.

Nishant Arya, Vice Chairman and MD, JBM Auto Limited, said, “Over the last three years, we have successfully deployed our zero-emission public mobility solutions across various cities pan-India. With trusted partners like IFC supporting this initiative, we are all set to augment the electric bus deployment with enhanced agility and scale. Our new-age electric buses, along with our fully integrated operations across the entire e-bus operations and charging value chain, will continue to lead India’s e-mobility momentum toward taking clean public mobility solutions to the grassroots level.”