Haryana-based electric bus company JBM Ecolife Mobility has secured $100 million in funding from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB).

These funds will be used to supply and operate electric buses under the Gross Cost Contract (GCC) model in states across India. The company plans to deploy 650 e-buses, starting with Haryana and Odisha.

The funding was obtained after thorough Environmental, Social, and Governance (ESG) audits by approved consultants.

JBM has deployed over 1,500 electric buses across ten states and 15+ major airports in India. The company has an order book of 6,500+ electric buses deployed and under execution.

It has also set up an integrated electric bus manufacturing facility in the Delhi-NCR region, with an annual production capacity of 20,000 electric buses.

In August 2024, JBM signed an agreement with LeafyBus to supply 200 ultra-modern electric luxury buses for inter-city routes.

Between 2021 and 2024, the company incubated and ramped up a lithium-ion battery plant in Bawal, Haryana and an electric bus plant in Banchari, Haryana.

Recently, the Union Cabinet approved the PM-eBus Sewa-Payment Security Mechanism Program, with an outlay of ₹34.35 billion ($409 million), to support the procurement and operation of over 38,000 electric buses from FY 2024-25 to FY 2028-29. Additionally, the PM E-Drive program aims to support the deployment of 2.479 million e-2Ws, 316,000 e-3Ws, and 14,028 e-buses.

In March 2024, Convergence Energy Services Limited had invited bids to select an operator for the procurement, supply, operation, and maintenance of 3,132 electric buses (e-bus) and the development of allied electric and civil infrastructure on gross cost contracting under Pradhan Mantri (PM)-eBus Sewa initiative.