Motilal Oswal Alternates (MO Alternates), the alternative investment arm of the Motilal Oswal Group, has committed nearly $80 million (Rs 750 crore) to JBM Ecolife Mobility Pvt Ltd through its private credit fund, alongside other group entities, per an announcement on Thursday.
The growth capital will support JBM Ecolife’s acquisition, operation, and rolling deployment of advanced, zero-emission public transport fleets operating under long-term agreements with state transport authorities across key Indian cities, MO Alternates said in a statement.
The capital infusion will directly fund the rollout of high-capacity, energy-efficient e-buses, providing alternative transit options that help displace traditional diesel fleets, reduce urban air pollution, and align with India’s long-term net-zero targets, it added.
JBM Ecolife currently operates electric buses across multiple key Indian states, including Delhi, Gujarat, Maharashtra, Haryana, Odisha, Telangana, Karnataka, and the union territory of Andaman & Nicobar.
“With our market leadership in the electric bus market in India in FY26, this strategic partnership will act as a major catalyst towards further scaling our e-bus deployment to various states, delivering cleaner air and modernised public commuting experiences across urban centres,” said Nishant Arya, Vice Chairman & MD, JBM Auto.
Motilal Oswal Alternate Investment Advisors Private Limited is the alternative investment arm of Motilal Oswal Financial Services Limited, comprising private credit, private equity and real estate funds. In June 2026, Motilal Oswal Alternate announced the second close of its maiden private credit fund, India Credit Excellence Fund-I, at Rs 2,438 crore ($258 million). The Fund, launched in January 2026, is targeting a total corpus of Rs 3,000 crore ($317 million), including a green shoe option.
The final close is envisaged in the near term and the fund has a strong pipeline of investment opportunities, the statement said.
