IFC Invests $20 Mn in Transvolt Mobility, Its First Equity Bet on an EV Platform

International Financial Corporation (IFC) recently provided $20 million equity investment to Maharashtra-based Transvolt Mobility (Transvolt), as part of its $50 million financing round. Through this financing, Transvolt Mobility aims to enhance access to quality urban transport, scale up electric vehicles (EVs) production, and strengthen India’s electric mobility ecosystem. 

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This happens to be IFC’s first equity investment in an EV platform in India and globally. Transvolt can leverage this investment to scale its electric fleet portfolio to 3,500 vehicles and create up to 8,200 jobs in the next five years. The investment will also support the company’s long-term goal of deploying 8,000 heavy commercial EVs such as buses and trucks across India.

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 US$200 billion to meet the country’s targets.

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Transvolt has established a substantial presence across various business segments like municipal corporations, corporate employee transportation, and haulage for leading cement manufacturers. It has deployed around 500 heavy commercial EVs since its inception in FY 2023. 

Dheeraj Jhawar, Director and co-founder, Transvolt Mobility, said, "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."

Debasis Mohanty, Chief Executive Officer (CEO) and co-founder of Transvolt Mobility, added, “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."

Vikram Kumar, IFC’s Regional Industry Director for Infrastructure and Natural Resources in Asia and the Pacific, said: “India’s transition to sustainable transport hinges on scalable solutions, and this investment leverages private sector innovation and technological advances to drive sustainable transportation. Transvolt has been a key partner of IFC, and through our collaboration, we aim to enhance market competitiveness in the sector by enabling the electrification of public and private fleets operated by municipalities and corporations, demonstrating the commercial viability of electric fleets, and expanding access to quality urban transport.”