IFC Invests $20M in India Transvolt  Mobility

The International Finance Corporation (IFC), a member of the World Bank Group, has made a $20 million (approx. ₹167 crore) equity investment in Transvolt Mobility Private Limited, an Indian electric mobility company. This investment is part of Transvolt’s ongoing $50 million funding round.

Marking IFC’s first equity investment in an electric vehicle (EV) fleet platform globally, the funding will support Transvolt plan to expand its fleet to 3,500 electric commercial vehicles over the next five years and generate approximately 8,200 jobs. In the long term, the company aims to deploy 8,000 heavy-duty EVs such as buses and trucks across India.

Transvolt operates as an integrated, OEM-agnostic EV platform, offering fleet services to both government bodies and private organizations. Since FY2023, the company has deployed over 500 commercial EVs, primarily serving municipal corporations, employee transportation, and logistics for cement manufacturers.

This investment aligns with India’s clean mobility goals, including the electrification of 800,000 buses, the replacement of 10% of diesel trucks (around 400,000 vehicles), and the deployment of 111,000 small electric commercial vehicles (e-SCVs).

Vikram Kumar, IFC’s Regional Industry Director for Infrastructure and Natural Resources in Asia and the Pacific, stated, “This investment will support the development of scalable EV infrastructure in India and demonstrate the commercial viability of electric fleets.”

Imad N. Fakhoury, IFC’s Regional Director for South Asia, noted that the investment would aid the adoption of electric buses—still a widely used and cost-effective mode of transport in India—supporting broader urban mobility goals.

Transvolt business model includes partnerships with multiple EV manufacturers and EV charging infrastructure providers. The company focuses on aligning technology, battery systems, and long-term maintenance solutions to meet the evolving needs of clients across India. This initiative is part of IFC’s broader strategy to support sustainable urban transformation and reduce carbon emissions through private sector-led solutions.