- Investment to promote electric vehicle adoption and job creation in India.
- Globally, IFC’s first equity investment in an EV fleet platform.
Mumbai/New Delhi 18th July, 2025: To enhance access to quality urban transport, scale up electric vehicles (EVs) production and strengthen India’s electric mobility ecosystem, IFC is providing $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 EV 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.
Mr. Dheeraj Jhawar, Director and co-founder, Transvolt Mobility, said, "We are delighted and honoured 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. Debasis Mohanty, CEO and co-founder 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. The company is focused on delivering zero-emission mobility solutions aligned with global sustainable transportation goals."
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.
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.”
Imad N Fakhoury, IFC’s Regional Director for South Asia said: “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, enables job creation, while contributing to long-term economic growth. IFC’s private sector solutions such as e-mobility are key to World Bank Group’s approach to support Government of India’s urban transformation agenda.”
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.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
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About Transvolt Mobility Private Limited
Transvolt Mobility Pvt Ltd (“TMPL” or “Transvolt”) is an electric mobility platform by leveraging proven global experience of its senior management team and its working partners, developments in e-mobility technology, and the Government’s strong push for electrification of transportation in various states as well as in the country. The EV Platform envisages to integrate and create powerful connected ecosystem across products and services segments in the value chain to create and offer a robust e-mobility infrastructure capability in the B2G, B2C and B2B domains.
Transvolt is an OEM agnostic EV platform where-in, the Company works with multiple OEMs and EV-Charging Partners, considering the project requirements and product suitability for the end-use.
As part of our effort to build a robust EV-platform, we have tie-ups with multiple electric vehicle manufacturers to provide buses of different categories to cater to the need of the customers. It may be noted that, Transvolt has chosen its OEM partners considering the bus technology, battery management system and long-term maintenance support. Transvolt has also developed an ecosystem for providing EV-charging solutions through tie-ups with CPOs (Charge Point Operators), O&M partners/ Operators to provide services PAN-India.
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