Finnish development financier and impact investor FinFund has announced an equity investment in Transvolt Mobility to support the expansion of its Electric Heavy Commercial Vehicle (e-HCV) business across India. This investment will accelerate the deployment of Transvolt’s electric buses and electric trucks across a range of use cases, including intracity transportation, employee transportation, haulage solutions and port operations.
FinFund’s investment follows the first equity investment by the International Finance Corporation (IFC), a member of the World Bank Group, in July 2025, underscoring the growing global confidence in Transvolt’s business model and execution capabilities.
The fresh growth capital will enable Transvolt Mobility to grow its electric fleet to 3,500 heavy commercial vehicles over the next two to three years, while creating around 8,500 direct and indirect jobs. It will also support the company’s long-term ambition to deploy 8,000 electric heavy commercial vehicles spanning e-buses and e-trucks across India.
India’s clean mobility roadmap aims to electrify about 800,000 buses and replace 10 per cent of diesel trucks with about 400,000 electric trucks in the coming years. This transition is expected to open up investment opportunities worth an estimated US$200 billion across the public and private fleet segments.
Established in FY 2023, Transvolt Mobility has already deployed over 500 electric heavy commercial vehicles across the country. The company has built a strong presence in municipal corporations, corporate employee transportation and haulage operations serving major cement manufacturers, mining companies and port operators.
“The Indian transport ecosystem is undergoing a transformation through the adoption of various sustainable solutions, including large-scale adoption of pure-electric vehicles. The country is poised to leverage the potential of the private sector in terms of investment and technology advancement, supported by a well-defined regulatory framework and government support,” said Helena Tepana, Associate Director, FinFund. “We are pleased to support Transvolt in contributing to the development of clean transportation that is not only good for the climate. But also important for health: Electrification of public and commercial fleets helps reduce tail-pipe emissions, which cause premature deaths, especially in big cities. Furthermore, it is important for us that Transvolt aims to provide maximum employment to women in various positions, including drivers.
Mr. Dheeraj Jhawar, Director and Co-Founder, Transvolt Mobility, said, “We are privileged to have Finfund joining us as a respected investor in Transvolt. This partnership is an important milestone that reinforces our shared commitment to sustainable mobility in India. Transvolt will continue to be a leader in deploying heavy commercial EVs across various sectors in India.”
Mr. Debasis Mohanty, CEO and Co-Founder Transvolt Mobility said, “Transvolt is committed to developing a sustainable and safe logistics solution in the heavy commercial vehicle segment with the deployment of e-buses and e-trucks for both government and private sectors across various sectors. With Finfund as a partner, we will work towards accelerating the deployment of our clean energy solutions and drive impactful, long-term growth in the markets we serve.”