News, 21 July 2025
The International Finance Corporation (IFC), a member of the World Bank Group, has made a significant commitment of $20 million (approximately ₹170 crore) in equity to Transvolt Mobility Pvt Ltd. This investment, which is part of Transvolt’s larger $50 million funding round, is set to accelerate the growth and expansion of its electric vehicle operations across India.
This marks IFC’s inaugural equity investment in an electric vehicle platform, both in India and globally. The capital injection is anticipated to enable Transvolt to scale its commercial EV fleet to 3,500 units and generate over 8,000 employment opportunities within the next five years. Looking further ahead, Transvolt aims to deploy a total of 8,000 electric heavy vehicles, including buses and trucks, throughout the country.
Dheeraj Jhawar, co-founder of Transvolt Mobility, highlighted that this investment will significantly contribute to India’s transition towards cleaner transportation solutions and support national and international sustainability objectives. India’s clean mobility roadmap targets ambitious goals, including the electrification of 800,000 buses, converting 10% of diesel trucks to EVs (around 400,000 units), and deploying 111,000 small commercial EVs (approximately 18% of total small commercial vehicles). This comprehensive shift is projected to attract investments totaling around $200 billion.
About Transvolt
Transvolt Mobility has its focus on zero-emission electric vehicle (EV) mobility solutions. Established in 2023, it owns and operates a diverse fleet of EV trucks, tippers, trailers, and buses for various sectors like public transport, logistics, and construction.
About IFC
IFC, is a development institution focused on supporting the private sector in emerging markets, operates in over 100 countries. It leverages its capital, expertise, and influence to stimulate market growth and create opportunities in developing nations. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, harnessing private sector solutions and mobilizing capital to contribute to a poverty-free, sustainable world.
