JBM ECOLIFE Mobility (P) Ltd has secured $100 million in long-term capital investment from the International Financial Corporation (IFC) to accelerate electric bus deployment across three Indian states.
The funding will finance the purchase and operation of 1,455 modern, air-conditioned electric buses in Maharashtra, Assam, and Gujarat. The investment represents IFC’s first capital investment in Asia’s e-bus sector and its largest globally in this segment.
“We are proud to be partnering with IFC and contributing majorly to their largest ever e-bus deployment project,” said Nishant Arya, Vice Chairman and Managing Director of JBM Auto Ltd. The company has previously deployed over 11,000 buses across 20+ cities in India and internationally.
Makhtar Diop, Managing Director of IFC, described e-mobility as “the future,” emphasizing the investment’s role in creating sustainable urban transport solutions. “Together, we’re setting benchmarks for sustainable, resilient, and globally replicable urban transport,” he stated.
The projects in Maharashtra and Assam operate under the Pradhan Mantri e-bus Sewa Scheme and introduce a formal Payment Security Mechanism (PSM) to reduce payment risks associated with municipal and state transport undertakings. This mechanism aims to improve the financial viability and replicability of future e-bus projects.
According to the company, the initiative is expected to reduce CO2 emissions by over 1.6 billion kilograms, save more than 600 million liters of diesel, create employment for over 5,500 people, and serve over one billion passengers throughout the project duration.
JBM ECOLIFE has established itself as a significant player in India’s electric bus market, with 2,500+ e-buses already deployed across 10 states and 15 airports. The company maintains an order book of 11,000 additional buses under execution. Its Delhi-NCR manufacturing facility operates as one of the world’s largest dedicated e-bus plants, with an annual production capacity of 20,000 units.
Since 2018, JBM’s electric buses have traveled 200 million electric kilometers and transported one billion passengers. The company has committed to achieving three billion electric kilometers under its “3 billion e-km promise.”
Buses represent 70-75% of public transport trips in India, making them central to the country’s mobility infrastructure. With approximately two million buses currently in operation, India presents substantial opportunities for electrification. The e-bus market continues expanding as the government targets 40% electric bus penetration by fiscal year 2030.
The investment aligns with India’s broader electrification goals and supports the development of sustainable urban transport systems across the country’s growing cities.