IFC Invests $20 Million in Transvolt Mobility to Boost Electric Commercial Vehicle Expansion

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The International Finance Corporation (IFC), part of the World Bank Group, has committed $20 million (around ₹170 crore) in equity to Transvolt Mobility Pvt Ltd. The funding will support the company’s efforts to expand its electric vehicle operations in India. This investment is part of Transvolt’s larger $50 million funding round aimed at accelerating the growth of its electric fleet.

Marking its first equity investment in an electric vehicle platform both in India and globally, IFC said the funds will help Transvolt scale its commercial EV fleet to 3,500 units and generate over 8,000 jobs within five years. Over the longer term, the company plans to deploy 8,000 electric heavy vehicles — including buses and trucks — across the country.

“Through our collaboration with Transvolt, we aim to strengthen competition in the EV market by supporting electrification of both public and private transport fleets. This will help showcase the viability of electric fleets and improve access to quality transport services,” said Vikram Kumar, IFC’s Regional Industry Director for Infrastructure and Natural Resources in the Asia-Pacific region.

Transvolt Mobility co-founder Dheeraj Jhawar said the investment will help the company push forward India’s transition to cleaner transportation solutions and support national and international sustainability goals. India’s clean mobility roadmap targets electrifying 800,000 buses, converting 10% of diesel trucks into EVs (around 400,000 units), and deploying 111,000 small commercial EVs — roughly 18% of total SCVs. The overall shift is expected to attract investments worth approximately $200 billion.

Transvolt, which began operations in FY23, has already deployed 500 electric heavy vehicles and is active in sectors including city waste management, employee transport, and logistics for cement manufacturers. Transvolt Mobility Pvt Ltd (“TMPL” or “Transvolt”) is an electric mobility platform that leverages the global expertise of its senior management team, cutting-edge e-mobility technologies, and the Indian government’s strong push for electrification of transportation. The platform aims to build a comprehensive, connected ecosystem across products and services within the electric vehicle (EV) value chain, offering a robust e-mobility infrastructure in the B2G, B2C, and B2B sectors.

Transvolt operates as an OEM-agnostic EV platform, collaborating with multiple original equipment manufacturers (OEMs) and EV-charging partners to tailor solutions based on project requirements and product suitability for end-users. In its mission to strengthen the EV ecosystem, Transvolt has formed partnerships with various electric vehicle manufacturers to offer buses across different categories, meeting the diverse needs of customers.

The company carefully selects its OEM partners based on bus technology, battery management systems, and long-term maintenance support. Additionally, Transvolt has developed a nationwide EV charging network in collaboration with Charge Point Operators (CPOs) and O&M partners to deliver comprehensive services across India.

IFC, a member of the World Bank Group, is the world’s largest development institution focused on supporting the private sector in emerging markets. Operating in over 100 countries, IFC uses its capital, expertise, and influence to stimulate market growth and create opportunities in developing nations. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, harnessing private sector solutions and mobilizing capital to contribute to a poverty-free, sustainable world.