IFC Invests $20 Million in Transvolt Mobility to Support EV Expansion in India

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

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

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

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

“This investment supports the development of scalable EV infrastructure in India,” said Vikram Kumar, IFC’s Regional Industry Director for Infrastructure and Natural Resources in Asia and the Pacific. “It aims to demonstrate the commercial viability of electric fleets and expand access to urban transport.”

Imad N. Fakhoury, IFC’s Regional Director for South Asia, added that the investment would aid the adoption of electric buses, which remain a widely used and cost-effective transport mode in India, while contributing to broader urban mobility goals.

Transvolt’s business model includes partnerships with multiple electric vehicle OEMs and EV charging infrastructure providers. The company focuses on aligning technology, battery systems, and long-term maintenance solutions to meet varied client requirements across India.

The investment is part of IFC’s broader strategy to support sustainable urban transformation and reduce emissions through private sector solutions.