International Finance Corporation (IFC) has announced a $20 million equity investment in Transvolt Mobility Private Limited as part of a $50 million financing round.
The strategic funding will enable Transvolt to expand its electric fleet portfolio to 3,500 vehicles and create an estimated 8,200 jobs over the next five years. It will also support the company’s broader goal of deploying 8,000 electric heavy commercial vehicles—including buses and trucks—across India, further reinforcing the country’s transition to sustainable urban transport.
Transvolt Mobility, India’s first integrated and OEM-agnostic EV platform, operates electric buses and trucks for both government and private sector clients. Since its inception in FY 2023, the company has already deployed 500 heavy EVs, catering to municipal bodies, corporate employee mobility, and cement industry haulage.
Dheeraj Jhawar, Director and Co-founder of Transvolt Mobility, said, “This partnership boosts our commitment to building a scalable, inclusive and sustainable EV fleet across the country.”
Debasis Mohanty, CEO and Co-founder, added, “Our platform delivers zero-emission mobility aligned with global climate goals while remaining technology-agnostic and client-focused.”
Highlighting the collaboration, IFC’s Regional Industry Director for Infrastructure and Natural Resources in Asia and the Pacific, Vikram Kumar, said, “India’s move toward sustainable transport depends on scalable, private-sector-led innovation. Transvolt is a key partner in making electric fleets commercially viable.”
Imad N Fakhoury, IFC’s Regional Director for South Asia, stated, “Public transport, especially buses, plays a critical role in India’s development. Our investment in Transvolt supports the country’s EV roadmap while contributing to job creation, inclusive mobility, and long-term growth.”
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