GreenLine Mobility Solutions, a logistics firm backed by the Essar Group, is raising $275 million in equity from a group of investors, including Nikhil Kamath, co-founder of online stock-trading platform Zerodha, at an undisclosed valuation.
The Mumbai-based firm, which currently operates a fleet of 650 LNG trucks in India, aims to scale up to 10,000 heavy-duty vehicles over the next few years, powered by liquefied natural gas (LNG) and electricity. The $1 billion fresh investment reflects GreenLine’s ambition to offer greener logistics alternatives to Indian firms.
“This investment in decarbonising road logistics aligns with Prime Minister Narendra Modi’s e-drive initiative,” said Anshuman Ruia, a director of Essar, adding “India’s vision for a low-carbon future is taking shape, and GreenLine is proud to be at the forefront.”