To enhance access to quality urban transport, scale up electric vehicle (EV) production, and strengthen India’s electric mobility ecosystem, IFC is providing a $20 million equity investment to Transvolt Mobility Private Limited (Transvolt) as part of its $50 million financing round.
This is IFC’s first equity investment in an Electric Vehicle platform in India and globally. It will enable Transvolt to scale its electric fleet portfolio to 3,500 vehicles and create 8,200 jobs in the next five years. It will also support the company’s long-term goal of deploying 8,000 heavy commercial EVs, such as buses and trucks, across India.
“We are delighted and honored by the trust IFC has shown in our company to develop and deploy EV fleets across India. This 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.”
– Mr. Dheeraj Jhawar, Director and co-founder of Transvolt Mobility.
“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.”
– Mr. Debasis Mohanty, CEO 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 Electric Vehicle solutions across public and private fleets and mobilize an estimated US$200 billion to meet the country’s targets.
“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.”
– Vikram Kumar, IFC’s Regional Industry Director for Infrastructure and Natural Resources in Asia and the Pacific.
“Accelerating urban mobility and last-mile connectivity is critical to India’s development goals. Our investment in Transvolt will drive the adoption of EVs, especially buses, as they remain the preferred and affordable mode of transportation across India. As IFC’s first-ever equity investment in an EV platform in the country and globally, it reinforces our commitment to India’s EV roadmap, supports the country’s transition goals, and enables job creation while contributing to long-term economic growth. IFC’s private sector solutions, such as e-mobility, are key to the World Bank Group’s approach to supporting the Government of India’s urban transformation agenda.”
– Imad N. Fakhoury, IFC’s Regional Director for South Asia.
With 500 heavy commercial EVs already deployed since its inception in FY 2023, Transvolt has established a strong presence across various business segments like municipal corporations, corporate employee transportation, and haulage for leading cement manufacturers.
