This is part of IFCs $50 million financing round.
According to IFC, the investment will enable Transvolt to scale its electric fleet portfolio to 3,500 vehicles and create 8,200 jobs in the next five years. It will also support the company’s long-term goal of deploying 8,000 heavy commercial EVs such as buses and trucks across India.
Imad N Fakhoury, IFC’s Regional Director for South Asia said accelerating urban mobility and last-mile connectivity is critical to India’s development goals. “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,” he said.
IFC said Transvolt has 500 heavy commercial EVs deployed since its inception in FY 2023. The company has presence across municipal corporations, corporate employee transportation, and haulage for cement manufacturers.
India’s ambitious push toward clean mobility aims to electrify 800,000 buses, replace 10 percent of diesel trucks with 400,000 electric trucks, and achieve 18 percent electrification of small commercial vehicles (SCVs) by deploying 111,000 e-SCVs.According to IFC, this transition presents an opportunity to invest in scalable EV solutions across public and private fleets and mobilize an estimated $200 billion to meet the country’s targets.
