The International Finance Corporation (IFC) has announced a $20 million equity investment in Transvolt Mobility, marking its first-ever equity investment in an electric vehicle (EV) fleet platform globally. The funding is part of Transvolt’s ongoing $50 million financing round.

The investment will enable Transvolt scale its EV fleet portfolio to 3,500 vehicles and support the creation of over 8,000 jobs over the next five years. This will also aid the company’s longer-term plan to deploy 8,000 heavy commercial EVs, including electric buses and trucks, across India.

“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,” said Imad N Fakhoury, IFC’s regional director - South Asia in a statement.

Transvolt Mobility, co-founded by Dheeraj Jhawar and Debasis Mohanty, is India’s first integrated and OEM-agnostic EV platform operating electric buses and trucks for both government and private sector clients. The company focuses on delivering zero-emission mobility aligned with national and global sustainability goals. Since its launch in FY 2023, Transvolt has deployed 500 heavy EVs across sectors like municipal transport, employee shuttles, and cement logistics.

“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,” Dheeraj Jhawar, Director and co-founder, Transvolt Mobility said in a statement.

The IFC investment aims to promote wider EV adoption, enhance quality urban transport, and strengthen India’s electric mobility ecosystem. IFC is global development institution focused on the private sector in emerging markets, as part of the World Bank Group.

This investment also aligns with the country’s broader clean transport push, including targets to electrify 800,000 buses, deploy 4,00,000 electric trucks, and roll out 1,11,000 electric small commercial vehicles (e-SCVs). India’s EV transition is expected to mobilise up to $200 billion in investments over the next few years, presenting significant opportunities for scalable and sustainable fleet solutions.