Who Built GreenCell Mobility? The Founder Story Behind NueGo

On 13 October 2026, GreenCell Mobility received ₹330 crore (about $35 million, as reported) in fresh equity to support the rollout of roughly 4,500 electric buses. The company’s name is easy to find. Its founder is harder. Search for who built GreenCell Mobility and you meet an investor, a first CEO and a retail executive who took over in 2023.

In this story (about 10 minutes)

A company with an investor for a founder

GreenCell Mobility Pvt Ltd is a Mumbai company that runs electric buses. Truck & Bus Builder reported in May 2022 that it was incorporated in 2018 and financially promoted by Eversource Capital. Inc42, CB Insights and Dealroom list 2019 as the founding year. StartupIndiaX could not reconcile the two dates, so treat the start as 2018 to 2019.

Eversource Capital manages India’s Green Growth Equity Fund, which MediaNews4u described in January 2023 as the country’s largest climate fund. A company statement carried by Outlook Business says Eversource is an equal joint venture between Everstone Group and Lightsource bp.

GreenCell’s own descriptions say it was set up to become a pan-India shared electric mobility player. Press releases use the word “promoted”, not “founded”. That matters for a founder story. The company began as a plan backed by climate capital, and people were hired to run it.

Ashok Agarwal and the first plan

Ashok Agarwal appears in GreenCell’s announcements as MD and CEO through 2022. Inc42 lists him as the founder. He commented in that role when the Rajasthan State Road Transport Corporation awarded GreenCell its first electric bus contract under the FAME-II scheme, according to Energetica India.

In a Motor India interview, Agarwal described GreenCell as an electric mobility service provider that invests in the project companies it works through. He said it had taken a stake in the PMI Electro consortium to deploy 350 electric buses in Uttar Pradesh under FAME-II, which made PMI both its bus supplier and a co-shareholder. He added that bus makers would maintain the fleets for 10 years and train GreenCell’s maintenance teams.

By 22 April 2022, ANI/NewsVoir reported, GreenCell had won state transport contracts for 900 electric buses across 25 cities. That day it unveiled NueGo, an intercity brand planned for 24 cities. Agarwal said every journey should feel nothing less than “world class”.

StartupIndiaX found no public statement on when or why the CEO role changed hands, so this article does not guess.

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From brand name to a ₹349 ticket

NueGo ran its first service on 8 August 2022, between Bhopal and Indore, at an inaugural fare of ₹349 a seat, Mobility Outlook reported. On Delhi to Agra, Mobility Outlook reported inaugural fares from ₹399. The network spread along Delhi to Chandigarh, Dehradun and Jaipur, and across the south from Bengaluru, Chennai and Tirupati.

NueGo marked three years in August 2025, according to eMobility+. IFC described it as connecting more than 100 cities in September 2025, and Autocar Pro later reported over 120. The company says it launched India’s first electric AC sleeper bus service in February 2025. That is a company claim.

Charging counts vary by source. eMobility+ reported more than 100 superchargers in August 2025, with a full bus charge in two hours. BII’s January 2026 release said more than 270 charging stations support the fleet. The two figures may count different things, and no source says which.

The retail executive who took over

Devndra Chawla did not arrive from the bus industry. Before GreenCell he was MD and CEO of Spencer’s Retail, where he joined the RP Sanjiv Goenka Group in 2019 for a three-year term. Earlier he was COO of Walmart India and CEO of Future Consumer, according to Autocar Pro and Storyboard18.

He holds a Bachelor of Engineering in production from Pune University and an MBA from Symbiosis Institute of Business Management. Motor India also lists the Harvard Business School Advanced Management Programme.

Spencer’s said in a regulatory filing that his resignation took effect on 20 January 2023, Business Standard reported through PTI. GreenCell announced his appointment within days. Some profiles give February 2023 as his start, so sources differ by a few weeks.

Dhanpal Jhaveri, CEO of Eversource Capital, said Chawla’s record of running customer-centric businesses would help GreenCell grow, exchange4media reported in February 2023. Autocar Pro said he would work with government agencies and with the consumer travel market. StartupIndiaX analysis: the brief matched the company’s two businesses, state contracts on one side and ticket buyers on the other.

His public themes are safety, especially for women passengers, and the unglamorous work of building depots and chargers. He made the point to BrandSutra in an interview published after NueGo’s first year. His Businessworld author bio gives his title as “Chief Driving Officer”.

“Building the ecosystem is the biggest challenge.” Devndra Chawla, MD and CEO, GreenCell Mobility, to BrandSutra

Running buses without building them

GreenCell is an operator, not a manufacturer. It describes itself as an OEM-agnostic platform, which means it buys buses from several makers. ET Now Machinist described two arms: a business-to-government arm built on gross cost contracts, and the NueGo consumer brand. Angel One reported that GreenCell works with state transport undertakings and urban local bodies through long-term gross cost contracts.

The supply side is a list of partners. Autocar Pro reported an MoU with VE Commercial Vehicles for 1,000 Eicher electric buses for NueGo over five years. Energetica India reported 472 buses for six Madhya Pradesh cities under PM e-Bus Sewa in May 2025. In March 2026, GreenCell and EKA Mobility received a letter of award for 915 buses in Hyderabad under PM E-DRIVE. The pair also put 75 buses on the road in Puducherry that month. GreenCell also announced 570 buses for Delhi after the January 2026 round.

Power is part of the model too. In December 2023, Autocar Pro reported a power purchase agreement and an equity stake, through subsidiary GreenCell Express, in a 1 MW wind-solar hybrid captive plant in Ratlam, Madhya Pradesh. GreenCell Express operates NueGo.

“We aren’t just running buses; we’re building an ecosystem.” Devndra Chawla, to ET Now Machinist

On revenue, Inc42 Datalabs lists ₹107.4 crore (about $12.6 million at ₹85 per dollar, a StartupIndiaX rounding rate) for FY25, marked as a minimum. Indian Startup Times says the figure is for the parent and that sources differ. No profit figure was found. StartupIndiaX has not verified the revenue number.

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Where the money comes from

The recent funding runs through development finance, a bank-backed lender and a Danish pension pool.

In September 2025, IFC announced $37 million of mezzanine capital for GreenCell, which Coach Builders India converted to ₹326.6 crore. Mezzanine financing mixes debt and equity features, Angel One noted.

In January 2026 came ₹800 crore ($89 million) from IFC, British International Investment and Tata Capital. BII said it committed $33 million of that. The plan was to grow the fleet from 1,200 to 3,700 buses across Delhi, Madhya Pradesh, Andhra Pradesh, Bihar and Puducherry under the National E-Bus Programme and PM Seva E-Mobility. Chawla said the round “reflects strong conviction in our platform”, Autocar Pro reported.

In October 2026, Impact Fund Denmark put in ₹330 crore as equity, reported by Mercom India as DKK 230 million (about $35 million). The money was routed through the Danish SDG Investment Fund II, which draws on five Danish pension funds. Entrepreneur India listed Eversource, IFC, BII and Tata Capital as existing investors.

Databases disagree on the total raised: Inc42 shows $546.6 million, CB Insights $528.4 million and Briter $453 million. StartupIndiaX does not add the rounds, because mezzanine and equity are different instruments and the databases may count loans.

Buyers, suppliers and rivals

Bus makers dominate the registration tables. Sustainable Bus, using Vahan data, counted 2,944 electric bus registrations in the first half of 2026. Switch Mobility led with 830 (28.2%), then JBM Auto with 635, PMI with 574, Olectra with 280 and Pinnacle Mobility, which includes EKA, with 171. GreenCell does not appear because it buys buses rather than selling them.

EKA shows how blurred the line is. It supplies buses and bids for tenders, and it also teamed with GreenCell on Hyderabad and Puducherry. YourStory reported in March 2025 that private intercity operators were short of buses. It named LeafyBus as an operator that signed up for 50 buses from JBM Auto.

StartupIndiaX analysis: by staying OEM-agnostic, GreenCell can buy from rivals’ suppliers. It also competes for the same limited supply.

The year-by-year record

The pace picked up after 2025. The Hyderabad award came in March 2026, and in April the company reported more than 1,500 buses in 17 cities, with a target of 4,500 in 30 cities. By October the stated plan was more than 5,000 buses in 105 cities.

What passengers say, and what NueGo says

Customer reviews are mixed. Trustpilot reviews dated October 2025 and January 2026 describe late buses, rude staff and refund problems. A July 2026 review on CheckMyBus says staff did not stop for waiting passengers and that a bus sat at a charging station for nearly two hours. These are individual accounts. The CheckMyBus page showed only four ratings, so it is a small sample.

Coach Builders India reported a viral LinkedIn post in which a passenger said rats damaged his luggage on a Jaipur to Delhi trip. According to the post, the company cancelled his ticket, refunded the fare and said it was not responsible for the luggage. StartupIndiaX found no public company response.

Reviews on 12Go from 2023 and 2024 include praise for comfort and clean waiting lounges, alongside complaints about lateness.

NueGo’s own claims are different. BrandSutra reported a 95 to 96% on-time departure rate, which the company credits to technology, systems and people. Indian Startup Times lists CCTV, GPS tracking, driver breath tests and an 80 km/h limit among the safety features. StartupIndiaX has not verified either set of claims.

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The social impact claims

The impact case rests on women’s safety and emissions. BrandSutra reported that women made up over 30% of NueGo’s guests, up from about 20% a year earlier. Commercial Vehicle reported a 24×7 women’s helpline and a Pink Seat option at booking. NueGo also ran what it called the world’s first all-women intercity bus from Delhi to Agra. These are company statements.

On emissions, Chawla told Outlook Business in February 2024 that NueGo had avoided over 100,000 tonnes of tailpipe emissions. No method was published in the interview excerpt StartupIndiaX could read. 91trucks reported that NueGo trained over 3,000 coach captains and 400 coach hosts.

On the finance side, BII, the UK development finance institution, says at least 30% of its 2022 to 2026 commitments are climate finance.

Net worth and valuation: what is known

No credible figure exists for Chawla’s net worth. Searches return unrelated people and low-quality pages, and StartupIndiaX will not repeat them. His pay and any equity he holds have not been disclosed in sources reviewed.

The company’s valuation is also unknown. The January and October 2026 reports gave amounts raised but no valuation or stake sizes. What is known is the funding in Figure 1, and the fact that Eversource Capital promoted the company.

What founders can take from GreenCell

These are editorial takeaways, each tied to a moment in the story.

1. Build the plumbing before the brand. Chawla’s remark that building the ecosystem is the biggest challenge fits a company that bought into a power plant and trained thousands of staff.
2. Match the leader to the stage. Eversource’s CEO pointed to Chawla’s record with customer-centric businesses just as GreenCell was adding a ticket-selling brand to its government work.
3. Mix your capital. The 2026 rounds combined mezzanine debt and equity from development banks, a lender and pension funds. Different money suits different assets.
4. Reliability is the product. NueGo’s on-time claim and its passenger complaints sit side by side. Claims need the same scrutiny as customer reviews.
5. Partner with your rivals when supply is tight. The EKA consortium shows one way through a bus shortage.

Where GreenCell goes next

The next test is delivery. The company has gone from 1,200 buses reported in January 2026 to a plan for more than 5,000 across 105 cities, and Chawla has said he values the confidence of Eversource, IFC, BII and Tata Capital as the company moves ahead.

Do you know of a founder or operator building India’s public transport? Tell us in the comments or send your story through [Submit your story URL to be added]. More founder stories are on StartupIndiaX.

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Sources and disclosure

Story type: public-source profile.

October 2026 (₹330 crore, Impact Fund Denmark)

• Autocar Professional, 13 Oct 2026: https://www.autocarpro.in/news/greencell-mobility-raises-rs-330-crore-from-impact-fund-denmark-for-e-bus-expansion-135196
• Mercom India, 14 Oct 2026: https://mercomindia.com/greencell-mobility-raises-35-million-from-impact-fund-denmark
• Indian Startup Times, Oct 2026: https://indianstartuptimes.com/news/greencell-mobility-raises-%E2%82%B9330-crore-from-impact-fund-denmark-to-expand-electric-bus-fleet
• Motor India (company announcement): https://www.motorindiaonline.in/greencell-mobility-raises-%e2%82%b9330-crore-from-impact-fund-denmark/

January 2026 ($89 million mezzanine)

• Autocar Professional, 21 Jan 2026: https://www.autocarpro.in/NEWS/greencell-mobility-raises-$89-million-to-expand-indias-electric-bus-fleet-130691
• British International Investment release, 21 Jan 2026: https://www.bii.co.uk/en/news-insight/news/bii-adds-greencell-mobility-to-its-ev-portfolio-to-drive-indias-clean-energy-transition/
• Angel One, 21 Jan 2026: https://www.angelone.in/news/unlisted-companies/eversource-capital-backed-greencell-mobility-raises-89-million-from-ifc-bii-and-tata-capital-to-scale-e-bus-fleet
• YourStory, Jan 2026: https://yourstory.com/2026/01/greencell-mobility-mezzanine-funding-to-expand-electric-bus-fleet
• Energetica India, 21 Jan 2026: https://www.energetica-india.net/news/greencell-mobility-raises-usd-89-million-to-expand-electric-bus-fleet-under-indias-national-e-bus-programme
• Entrepreneur India, 22 Jan 2026: https://india.entrepreneur.com/?p=92862
• Coach Builders India, Jan 2026: https://coachbuildersindia.com/?p=11572
• Mercom India (Jan round coverage): https://mercomindia.com/greencell-mobility-secures-89-million-funding-led-by-bii-ifc-and-tata-capital

September 2025 (IFC $37 million)

• IFC press release, 11 Sep 2025: https://www.ifc.org/en/pressroom/2025/ifc-partners-with-jbm-group-and-greencell-mobility-to-accelerate-electric-bus-depl
• YourStory, Sep 2025: https://yourstory.com/2025/09/ifc-invest-137m-india-ebus-fleet-jbm-group-greencell-mobility

AI-assistance note: This article was drafted with AI assistance and reviewed and fact-checked by StartupIndiaX Editorial Team.

Corrections: Spotted an error? Email corrections@startupindiax.com and we will review and update the article.

Written by StartupIndiaX Editorial Team, StartupIndiaX writer covering Indian startups, founders, and entrepreneurship.