The Indian electric vehicle industry could soon see another major investment. US-based investment firm Bain Capital is reportedly in discussions to invest up to $300 million, or around ₹2,850 crore, in JBM Auto's electric vehicle business.
The proposed investment could give Bain Capital a significant minority stake in JBM's EV unit. Discussions are reportedly still underway, with the final investment amount, ownership structure and other terms yet to be decided. Bain Capital is also said to be evaluating the possibility of taking joint control of the business.
If completed, the deal could provide JBM Auto with substantial capital to accelerate its expansion in electric and clean mobility.
JBM Auto Has Become a Major Player in Electric Buses
JBM Auto has built a strong position in India's electric bus market. The company has increasingly shifted its focus from its traditional auto-component business toward electric mobility.
JBM claims a market share of around 79% in the electric tarmac bus segment and more than 50% in the intercity electric luxury coach segment.
The company also operates a large integrated electric bus manufacturing facility in the Delhi-NCR region. According to available company data, 804 JBM Group electric buses were registered during the first half of 2026.
The EV business has now emerged as one of the company's fastest-growing segments.
EV Revenue Continues to Rise
JBM's electric vehicle business recorded revenue of ₹2,307 crore in FY26, representing growth of around 16% and accounting for approximately 38% of the company's overall sales.
The momentum continued in the March quarter, when EV revenue increased 11.4% year-on-year to ₹831 crore. Segment profit also rose sharply, increasing 44.5% to ₹106 crore.
JBM also has an order book covering more than 9,000 electric buses scheduled for delivery over the next two and a half years. This gives the company considerable visibility for future EV revenue.
JBM Is Building More Than Just Electric Buses
JBM's electric mobility strategy extends beyond bus manufacturing.
The company is involved in several parts of the EV ecosystem, including battery systems, electronics, digital fleet management solutions and charging infrastructure.
Its electric bus manufacturing operations are housed under JBM Electric Vehicles, which has an annual production capacity of around 20,000 buses. JBM Auto holds an 85% stake in the business.
The company has also expanded its battery manufacturing operations through JBM Green Energy. Its annual battery production capacity has reached around 6 GWh.
These batteries can potentially serve a range of applications, including electric buses, two-wheelers, three-wheelers, light commercial vehicles and stationary energy-storage systems.
Expansion Beyond India
JBM is also looking to expand its electric mobility business internationally.
The company has been targeting markets across Europe, the Gulf region, Africa, Singapore and the wider Asia-Pacific region.
In Europe, JBM has established its headquarters in Frankfurt and is developing left-hand-drive electric buses designed to comply with European regulations.
The company is also working with technology partners such as Hitachi ZeroCarbon on battery analytics and fleet management. Such technologies can help operators monitor battery performance, plan maintenance and improve fleet utilisation.
What Could Bain Capital's Investment Mean for JBM?
A potential ₹2,850 crore investment could provide JBM Auto with significant financial resources at a time when demand for electric public transportation is expanding.
The capital could support manufacturing expansion, battery technology, international growth, charging infrastructure and the development of new electric mobility products.
For Bain Capital, JBM's established position in electric buses and its growing EV ecosystem could provide exposure to India's rapidly developing clean-mobility market.
However, the proposed transaction has not yet been finalised. The final investment amount, stake and control structure will depend on the outcome of ongoing discussions.
If the deal goes through, it could become an important investment in India's electric mobility sector and further strengthen JBM Auto's position as a major player in the country's transition toward cleaner transportation.
