In a major step forward, the International Finance Corporation (IFC) — the private sector arm of the World Bank Group has committed $20 million in equity to Transvolt Mobility Pvt. Ltd. as part of a larger $50 million fundraising round. This marks IFC’s first-ever equity investment in an electric vehicle fleet platform, both in India and globally.
Transvolt Mobility is all set to grow its electric vehicle (EV) business with a fresh boost of $20 million from IFC, the private investment arm of the World Bank. The company plans to use the money to increase the number of electric trucks and buses it operates. Over the next five years, it hopes to grow its fleet to 3,500 vehicles and create around 8,200 jobs. In the long run, Transvolt aims to roll out 8,000 electric commercial vehicles across India.
This investment is special because it's IFC’s first-ever equity investment in an EV fleet platform, not just in India but anywhere in the world.
Vikram Kumar, IFC’s Asia-Pacific Director, said this move shows their strong support for India’s growing electric vehicle industry.
Imad Fakhoury, IFC’s South Asia Director, added that this step is not just about funding but also about creating jobs, supporting India’s clean energy goals and helping the economy grow.
Transvolt’s co-founder Dheeraj Jhawar said the partnership will help the company offer cleaner, smarter transport solutions that match India’s plans for sustainable development and better public transportation.
This comes at a time when India is aiming big in clean mobility. The country wants to switch 800,000 buses to electric, replace 10% of diesel trucks with 400,000 electric ones, and introduce over 100,000 small electric commercial vehicles. Experts believe this shift could attract up to $200 billion in investments.
Transvolt is already making progress. Since it began in 2023, the company has put around 500 heavy-duty EVs on the road. These are being used by city municipalities, companies transporting employees, and even large industries like cement manufacturers.