IFC Fuels India's Electric Mobility with Landmark Investment in Transvolt

In a significant move to bolster India's electric mobility sector, the International Finance Corporation (IFC) has announced a $20 million equity investment in Transvolt Mobility Private Limited. This investment is part of Transvolt's $50 million financing round, marking IFC's inaugural equity engagement in an electric vehicle (EV) platform both in India and worldwide. The funding is poised to help Transvolt expand its electric vehicle fleet to 3,500 units and generate approximately 8,200 jobs in the coming five years. Additionally, the investment will aid the company in its objective to deploy 8,000 heavy commercial EVs, such as buses and trucks, across the country.

Transvolt Mobility's co-founders, Director Dheeraj Jhawar and CEO Debasis Mohanty, expressed their optimism about the IFC partnership. Jhawar highlighted the trust that IFC has placed in Transvolt, aiming to accelerate the shift towards sustainable transport and create solutions aligned with sustainable development goals both nationally and globally. Mohanty emphasized Transvolt's distinction as India's first integrated and OEM-agnostic EV platform, catering to both government and private sector clients with zero-emission mobility solutions.

India has ambitious goals for clean mobility, including the electrification of 800,000 buses and replacing 10% of diesel trucks with 400,000 electric variants. Additionally, the country aims to electrify 18% of small commercial vehicles, presenting a significant opportunity for scalable EV solutions in both public and private sectors. Vikram Kumar, IFC's Regional Industry Director for Infrastructure and Natural Resources, underscored the importance of private sector innovation in driving sustainable transport initiatives. Imad N Fakhoury, IFC's Regional Director for South Asia, reiterated the critical role of EVs in India's development agenda, particularly in enhancing urban mobility and connectivity. With 500 heavy commercial EVs already deployed by Transvolt since FY 2023, the company continues to strengthen its presence across multiple business segments.

(With inputs from agencies.)