IFC Accelerates Electric Future: $20 Million Boost to Transvolt Mobility

The International Finance Corporation (IFC), a World Bank Group member, has committed $20 million in equity investment to Transvolt Mobility Pvt Ltd. This move aims to scale up the production of electric vehicles in an effort to support India's clean mobility initiatives.

This investment is a segment of Transvolt's larger $50 million financing round, making it IFC's inaugural equity investment in an electric vehicle platform within India and on a global scale. The funds are poised to assist Transvolt in transforming its electric fleet to encompass 3,500 vehicles while generating 8,200 new jobs over five years.

IFC, through this partnership, intends to bolster market competition by facilitating the electrification of both public and private fleets, demonstrating the viability of electric fleets, enhancing urban transport quality, and aligning with national sustainability goals. Transvolt Mobility is already making significant strides, evidenced by the deployment of 500 heavy commercial EVs and a firm presence across several sectors.

(With inputs from agencies.)