Nikhil Kamath invests $20M in GreenLine Mobility as part of $275M round for green trucking

GreenLine Mobility Solutions Ltd, the Essar group venture that operates LNG and electric-powered heavy commercial trucks, announced a $275 million equity investment to help deploy over 10,000 LNG and EV trucks and set up 100 LNG refuelling stations and EV charging points with a view to accelerating decarbonisation of heavy trucking in India.

This includes a $20 million investment from Zerodha Co-founder Nikhil Kamath, the company said in a statement.

GreenLine operates LNG-powered trucks for long-haul transportation and electric vehicles (EVs) for short-haul operations. Its subsidiary Ultra Gas and Energy Ltd is also building a nationwide network of LNG refuelling stations to support its green logistics solutions.

"GreenLine aims to decarbonise India's transportation sector, which contributes nearly 15% of the country's total carbon emission," the statement said. "The funding will enable the deployment of over 10,000 LNG and EV trucks, along with the establishment of a nationwide network of 100 LNG refuelling stations, EV charging stations, and battery swapping facilities. This comprehensive initiative aims to reduce 1 million tonnes of carbon emissions annually."

India's road logistics sector, with over 4 million trucks already in operation and continuing to grow, remains one of the country's most carbon-intensive industries.

"Aligned with the Indian government's ambitious goal to reduce greenhouse gas emissions, GreenLine is committed to transitioning India’s heavy-duty vehicle (HDV) fleet to LNG and EV trucks to promote cleaner, more sustainable transport. The company offers its logistics services at cost parity with diesel trucks, ensuring that customers can reduce carbon emissions without incurring any additional costs," the statement said.

GreenLine's LNG-powered trucks reduce carbon dioxide emissions by up to 30%, making them a trusted partner for corporates aiming to achieve their sustainability goals.

The company's current fleet of over 650 LNG trucks serves marquee companies across industries, such as FMCG and ecommerce, metals and mining, cement, oil and gas, and chemicals. The fleet has already covered over 38 million kilometres, reducing carbon dioxide emissions by 10,000 tonnes.

Anshuman Ruia, Director at Essar, said, "We are really excited about this game-changing shift in India's heavy trucking industry. We see this as an opportunity to not only build the green mobility ecosystem, but also, in the future, invest in clean energy sources to power our electric trucks. This integrated approach will significantly reduce emissions, cut down on energy imports, and help drive India towards achieving a more sustainable, energy-secure future."

Anand Mimani, CEO of GreenLine Mobility Solutions Ltd, said, "GreenLine has been at the forefront of decarbonising India's heavy trucking industry, making significant progress from the very start. As leaders in this space, this investment brings us even closer to our vision of transforming India's road logistics sector."

"The logistics industry needs to evolve - faster, cleaner, and smarter... Backing GreenLine is a bet on that future, where sustainability and efficiency go hand in hand. More companies need to take the leap, adopt green tech, and rethink how we move goods at scale. This shift is happening - with or without you," said Nikhil Kamath.