Powering India's EV Revolution: IFC Invests $20M in Transvolt Mobility

The International Finance Corporation (IFC), a member of the World Bank Group, has announced a USD 20 million (approx. ₹170 crore) equity investment in Transvolt Mobility to support the scaling of electric vehicle (EV) production in India. The funding is part of Transvolt’s USD 50 million fundraising round aimed at expanding its commercial EV fleet.

This marks IFC’s first-ever equity investment in an EV platform, both in India and globally. The investment will help Transvolt scale its fleet to 3,500 electric vehicles and generate approximately 8,200 jobs over the next five years. It also aligns with the company’s long-term target of deploying 8,000 heavy commercial EVs, including buses and trucks, across India.

“This strategic partnership with Transvolt will strengthen market competitiveness and support the electrification of both public and private fleets, including those operated by municipalities and corporations,” said Vikram Kumar, IFC’s Regional Industry Director, Asia-Pacific. “It also aims to demonstrate the commercial viability of large-scale electric mobility and broaden access to sustainable urban transport.”

Dheeraj Jhawar, Founder and CEO of Transvolt, welcomed the investment, stating, “With IFC’s support, we are accelerating India’s transition to sustainable transportation and building inclusive, climate-aligned mobility solutions in line with national and global sustainability objectives.”

News by Rahul Yelligetti.