Auto ancillary player and maker of electric buses, JBM Auto has bagged $100 million of long-term capital from International Financial Corporation (IFC) to finance the deployment of e-buses across Maharashtra, Assam and Gujarat, sending the shares higher by nearly 15 percent on September 12.
This is the largest ever e-bus deployment project undertaken by IFC, which is a World Bank Group entity, underscoring a rising interest to fund sustainable urban mobility projects. "It marks IFC’s first capital investment in the e-bus sector in Asia and its largest globally, strengthening urban transport resilience across Indian cities," said JBM Auto.
The investment is expected to speed up e-bus deployment and enhance JBM’s edge in delivering sustainable mobility solutions, the auto OEM player said. JBM Auto has been deploying zero-emission public mobility solutions across cities in India and globally across Europe, Middle East, and the APAC region.
Company's Vice Chairman and MD, Nishant Arya said the funding will help JBM Auto seek more such associations in the future.
"With over 11,000 buses deployed and under execution, we are proud to have clocked 200+ Mn e-kms and served over 1 Bn passengers till date. With trusted partners like IFC, this initiative serves as a strategic beginning to many more upcoming associations towards augmenting e-bus deployment with enhanced agility and scale," Nishant Arya said.
JBM Auto has an orderbook of Rs 12,900 crore as of August 2025, including 2,411 buses under PM e-Bus Sewa. Central government schemes such as PM e-Bus Sewa and PM E-DRIVE are aimign to deploy of over 52,000 e-buses across India by 2030, with a long-term plan for 1 lakh e-buses under the Bharat Urban Megabus Mission.
"E-mobility is the future — and we are making it real through investments in leaders like JBM," Makhtar Diop, Managing Director, International Finance Corporation said, adding, "India’s leadership is accelerating its own transition while shaping how cities worldwide finance the next generation of mobility."
In India, buses make up for 70-75% of public transport journeys via 20 lakh buses in operation, which JBM Auto said is a 'major opportunity' for electrification. India's e-bus market is growing rapidly and funding for such projects will be key to realise the target of 40% EV penetration by FY30.
Industry estimates have pegged India's auto component market to reach $200 billion by 2030, growing at a CAGR of 16% from 2024. Exports are seen as a primary engine for this growth, seen rising as an annual rate of 30% to touch as much as $100 billion. This growth could surpass India's domestic OEM consumption, projected to rise to $89 billion by 2030.
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