A Landmark Deal for India’s Electric Mobility Ecosystem
The International Finance Corporation (IFC), a member of the World Bank Group, has made a pivotal move toward clean transport in India by announcing a $20 million equity investment in Transvolt Mobility. This landmark deal represents IFC’s first-ever equity investment in an electric vehicle (EV) fleet platform, both in India and across the globe. The investment is part of Transvolt’s ongoing $50 million fundraising round aimed at driving the nation’s ambitious electrification and sustainability goals.
IFC’s Vision: Scaling Sustainable Urban Mobility
Imad N Fakhoury, IFC’s Regional Director for South Asia, emphasized,
“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 the World Bank Group’s approach to support the Government of India’s urban transformation agenda.”
This commitment will help catalyze further private investment and demonstrates the commercial viability of large-scale electric fleets — a vital factor in reducing emissions and modernizing India’s urban infrastructure.
Transvolt Mobility: India’s Trailblazing Commercial EV Platform
Co-founded by Dheeraj Jhawar (Director) and Debasis Mohanty (CEO), Transvolt Mobility is India’s first integrated and OEM-agnostic EV platform operating electric buses and trucks for public and private sector clients.
Transvolt’s Achievements So Far:
- 500 heavy EVs already deployed across municipal transport, employee shuttles, and cement logistics since its FY2023 launch.
- Operating with a technology-agnostic model, enabling deployment across various OEMs and vehicle categories.
- Providing zero-emission mobility aligned with both national and global climate objectives.
Jhawar stated,
“We are delighted and honoured by the trust IFC has shown in our company to develop and deploy EV fleets across India. This investment strengthens our resolve to build a scalable, sustainable commercial EV platform.”
Transformational Impact: Jobs, Urban Access, and Market Growth
The IFC-Transvolt partnership is set to have broad, multi-faceted impact:
- Employment Generation: Over 8,200 new jobs to be created across vehicle operations, maintenance, and support roles in the next five years.
- Accelerated Fleet Electrification: Expansion to 3,500 electric commercial vehicles addresses both municipal and corporate transportation demand, driving significant reduction in noise and air pollution.
- Market Demonstration: Will showcase how scalable private-sector EV adoption can lift the entire industry and attract further global capital.
Vikram Kumar, IFC’s Regional Industry Director for Infrastructure & Natural Resources Asia-Pacific, noted,
“Through our partnership, we intend to boost competitiveness in this sector by facilitating the electrification of both public and private fleets… and improve access to high-quality urban transportation.”
Looking Ahead: India’s Clean Mobility Targets
India has set ambitious targets to electrify 800,000 buses, replace 10% of its diesel truck fleet, and reach 18% electrification of small commercial vehicles. This push presents a $200 billion investment opportunity for scalable EV solutions across the country’s cities and highways.
IFC’s investment not only fuels Transvolt’s long-term goal of deploying 8,000 heavy commercial EVs but also positions the country as a global reference point for sustainable, inclusive, and economically robust electric mobility.
A Giant Leap Toward Greener Transport
The $20 million IFC investment enables Transvolt Mobility to be a catalyst in India’s EV transformation—scaling zero-emission commercial fleets, creating jobs, and leading the charge toward a cleaner, smarter urban mobility future. The move sets an inspiring precedent for global investors looking to accelerate positive change in India’s rapidly evolving EV landscape.
