IFC, a member of the World Bank Group, has announced a USD 20 million (approx. Rs 170 crore) equity investment in Transvolt Mobility to scale up electric vehicle (EV) production in India. The investment is part of Transvolt's ongoing USD 50 million financing round aimed at expanding its commercial EV fleet.

“This is IFC's first equity investment in an EV platform in India and globally. It 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,” IFC stated. “Transvolt has been a key partner of IFC, and through our collaboration, we aim to enhance market competitiveness in the sector by enabling the electrification of public and private fleets operated by municipalities and corporations, demonstrating the commercial viability of electric fleets, and expanding access to quality urban transport,” said Vikram Kumar, IFC's Regional Industry Director, Asia-Pacific.

Transvolt’s Dheeraj Jhawar added, “With IFC's support, we aim to accelerate the transition to sustainable transport and build inclusive solutions aligned with national and global sustainability goals.”