Essar's GreenLine raises $275 million in equity fundraise, Zerodha's Nikhil Kamath invests $20 million

Zerodha co-founder Nikhil Kamath invested $20 million in GreenLine

Essar group venture GreenLine Mobility Solutions is raising $275 million through equity issuance to accelerate its green logistics business through liquefied natural gas (LNG) and electric trucks, the company said in a statement on April 10.

Zerodha and True Beacon co-founder Nikhil Kamath too has participated in the investment round, with a $20 million raise from him, the GreenLine said.

"We see this as an opportunity to not only build the green mobility ecosystem, but also, in the future, invest in clean energy sources to power our electric trucks. This integrated approach will significantly reduce emissions, cut down on energy imports, and help drive India towards achieving a more sustainable, energy-secure future," said Anshuman Ruia, director of Essar.

GreenLine said the funding round will enable the company to expand infrastructure for green logistics, including the deployment of 10,000 new LNG and electric vehicle (EV) trucks, along with 100 LNG refueling stations, EV charging, and battery swapping facilities.

The company currently has 650 LNG trucks in its fleet, which serve companies in sectors such as consumer goods, e-commerce, metals and mining, cement, and others. GreenLine’s clients include UltraTech Cement, Hindustan Zinc, Saint-Gobain, JSW Steel, Castrol, among other large corporates.

“The logistics industry needs to evolve—faster, cleaner, and smarter. Green mobility isn’t just a trend; it’s the inevitable future. Backing GreenLine is a bet on that future, where sustainability and efficiency go hand in hand. More companies need to take the leap, adopt green tech, and rethink how we move goods at scale," the statement quoted Nikhil Kamath.