Investment part of Transvolt’s US$50M financing round to scale electric fleet and drive sustainable transport solutions
New Delhi, India — In a significant boost to India’s electric vehicle (EV) ecosystem, IFC Asia Pacific has announced an equity investment of US$20 million in Transvolt Mobility, as part of the company’s ongoing US$50 million financing round.
This marks IFC’s first-ever equity investment in an EV platform globally, reflecting the growing momentum and importance of sustainable mobility in emerging markets.
The investment will enable Transvolt to scale its electric fleet portfolio to 3,500 vehicles, supporting a broad range of applications such as intracity public transport, corporate employee shuttles, airport transfers, and electric trucks. The company ultimately aims to deploy 8,000 heavy commercial EVs across India, accelerating decarbonization in the country’s transport sector.
Transvolt operates an OEM-agnostic EV platform, offering flexible, technology-driven solutions to corporates, cities, and logistics providers seeking to transition to electric mobility.
“This partnership with IFC strengthens our mission to build a future-ready commercial EV ecosystem in India,” said Dheeraj Jhawar, Co-founder of Transvolt Mobility. “With IFC’s support, we are well-positioned to accelerate fleet electrification across critical transportation sectors.”
Kamal Dorabawila, Regional Industry Director at IFC Asia Pacific, emphasized the significance of this milestone: “This investment underscores IFC’s commitment to supporting green, inclusive mobility in high-growth markets like India. Transvolt’s scalable platform offers a practical path to reducing emissions while improving transport efficiency and urban air quality.”
The transaction highlights the collaborative efforts of key individuals from both organizations, including Debasis Mohanty, Sandeep Agarwal, Rajkamal Agarwal, Vikram Kumar, Ulisha Singh, Shreetama Choudhary, Varun Bhandari, Subrata Barman, Caroline Sanjoyo, Jessica J. Farmer, Arshad Ekram, Flor Paniagua, and Kartik Gopal, who played instrumental roles in bringing this partnership to fruition.
With this investment, Transvolt is set to play a pivotal role in India’s transition to clean energy transportation, paving the way for smarter, greener, and more sustainable urban mobility.
