JBM Ecolife Raises Rs 900 Crore From Motilal Oswal Fund

JBM Ecolife, a green mobility solutions provider, has raised Rs 900 crore from Motilal Oswal's private equity arm. The capital will fund expansion of electric bus manufacturing and charging infrastructure.

The investment marks one of the larger private equity bets on India's electric vehicle ecosystem this year. JBM Ecolife supplies electric buses to state transport corporations under the government's FAME scheme, which subsidizes electric public transport. The company has also built a network of charging stations in several cities.

Motilal Oswal's fund typically invests in mid-stage companies with clear revenue visibility. The size of the cheque suggests the firm sees a multi-year growth runway in bus electrification. India's state-run bus fleet is roughly 1.5 million vehicles, most of which run on diesel. The central government has set a target of 50,000 electric buses by 2030, though actual deployment has lagged.

JBM Ecolife's expansion plans include adding production lines at its Haryana plant and setting up new charging depots in tier-2 cities. The company did not disclose the stake Motilal Oswal received in exchange for the capital.

The fundraise comes as other EV component makers also tap institutional investors. Battery pack assemblers and motor manufacturers have raised similar rounds in the past six months, though at smaller ticket sizes. The sector's capital intensity means most players remain dependent on external funding for the next two to three years.

Motilal Oswal declined to comment on the investment's expected timeline or exit strategy.