The funding is part of Transvolt’s $50 million financing round aimed at expanding EV adoption and generating employment in India.
The investment will support Transvolt in scaling its EV fleet to 3,500 vehicles and creating over 8,000 jobs in the next five years. The company also plans to deploy 8,000 heavy commercial EVs, including electric buses and trucks, across India, according to a statement.
Transvolt is India’s first integrated and OEM-agnostic EV platform that owns and operates electric buses and trucks for both government and private sector clients. The company is focused on delivering zero-emission mobility solutions aligned with global sustainable transportation goals, said Mr. Debasis Mohanty, CEO and co-founder of Transvolt Mobility.
Founded in FY2023, Transvolt operates an OEM-agnostic fleet of electric buses and trucks catering to both government and private clients. It currently has 500 commercial EVs in operation, servicing municipal corporations, corporate transport, and industrial haulage.
“This IFC investment strengthens our resolve to build a scalable, sustainable commercial EV platform. With IFC’s support, we aim to accelerate the transition to sustainable transport and build inclusive solutions that are aligned with national and global sustainability goals,” said Dheeraj Jhawar, Director and co-founder of Transvolt Mobility.
India’s ambitious push toward clean mobility aims to electrify 800,000 buses, replace 10 percent of diesel trucks with 400,000 electric trucks, and achieve 18 percent electrification of small commercial vehicles (SCVs) by deploying 111,000 e-SCVs. This transition presents an opportunity to invest in scalable EV solutions across public and private fleets and mobilize an estimated $200 billion to meet the country’s targets.
IFC’s Regional Industry Director for Infrastructure and Natural Resources, Vikram Kumar, said the investment will help demonstrate the commercial viability of electric fleets and improve access to quality urban transport.
IFC’s Regional Director for South Asia, Imad N. Fakhoury, added that the move aligns with India’s clean mobility goals and the World Bank Group’s commitment to urban transformation.
