IFC, a member of the World Bank Group, announced on Friday a USD 20 million equity investment in Transvolt Mobility Pvt Ltd to expand electric vehicle (EV) production.

This USD 20 million contribution forms part of Transvolt’s USD 50 million financing round, said the World Bank arm that supports private sector growth in emerging markets.

“This is IFC’s first equity investment in an EV platform globally and in India. It will enable Transvolt to scale its electric fleet to 3,500 vehicles and create 8,200 jobs over the next five years. It will also support the company’s long-term goal to deploy 8,000 heavy commercial EVs, including buses and trucks, across India,” the statement added.

Vikram Kumar, IFC’s Regional Industry Director for Infrastructure & Natural Resources in Asia-Pacific, said, “Transvolt has been a key partner. Through our collaboration, we aim to enhance competitiveness by electrifying public and private fleets operated by municipalities and corporations, demonstrating the commercial viability of electric fleets, and expanding access to quality urban transport.”

Dheeraj Jhawar, director and co-founder of Transvolt Mobility, said that with IFC’s support, the company intends to accelerate the transition to sustainable transport and develop inclusive solutions aligned with national and global sustainability goals.

India’s ambitious clean mobility plan targets electrifying 800,000 buses, replacing 10 per cent of diesel trucks with 400,000 electric trucks, and achieving 18 per cent electrification of small commercial vehicles (SCVs) through 111,000 e-SCV deployments.

This shift offers an opportunity to invest in scalable EV solutions across public and private fleets and is expected to mobilise an estimated USD 200 billion to meet India’s targets.