Finnfund invests USD 15 million in Transvolt Mobility for electric heavy commercial vehicles in India

Finnfund, a Finnish development financier and impact investor, has made a USD 15 million equity investment in Transvolt Mobility to support the deployment of electric heavy commercial vehicles in India. The investment follows an equity investment by the International Finance Corporation (IFC), a member of the World Bank Group, in July 2025.

The funding will be used to expand Transvolt’s electric vehicle fleet across segments such as e-buses and e-trucks for intra-city transport, employee transportation, haulage, and port operations. According to the company, the investment will support scaling the fleet to 3,500 heavy commercial electric vehicles over the next two to three years and the creation of approximately 8,500 jobs. Transvolt has stated a longer-term target of deploying 8,000 electric heavy commercial vehicles across India.

India’s clean mobility plans include the electrification of 800,000 buses and the replacement of 10 percent of diesel trucks with 400,000 electric trucks. The transition is expected to require investments estimated at USD 200 billion across public and private fleets.

Transvolt reported that since its inception in FY 2023, it has deployed over 500 heavy commercial electric vehicles across India, serving municipal corporations, corporate employee transportation, and haulage operations for cement manufacturers, mines, and ports.

Helena Teppana, Associate Director at Finnfund, stated “Indian transportation ecosystem is going through a transformation through adoption of various sustainable solutions, including large scale adoption of pure-electric vehicles. The country is well poised to leverage the capability of private sector in terms of investment and technology advancement supported by well-defined regulatory frameworks and government support. We are happy to support Transvolt in its journey in contributing to the development of clean transportation which is not only good for climate but also crucial for health: electrification of commercial fleets of public and private sector helps reducing tail-pipe emissions, which cause pre-mature fatalities especially in big cities. In addition, it is important for us that Transvolt aims to maximise employing women for various positions, including as drivers.”

Dheeraj Jhawar, Director and Co-founder of Transvolt Mobility, said “We are privileged to have Finnfund join us as an esteemed investor in Transvolt. This partnership is a significant milestone that reinforces our shared commitment to sustainable mobility in India. Transvolt will continue to lead the way in deploying the Heavy Commercial EVs across various sector in India”.

Mr. Debasis Mohanty, CEO and Co-founder Transvolt Mobility added, “Transvolt is committed to develop a sustainable and safe logistics solution in Heavy Commercial Vehicle segment with deployment of e-Buses and e-Trucks for both government and private sector in varied fields. With Finnfund as a partner, we will work towards accelerating the deployment of our clean energy solutions and drive impactful, long-term growth across the markets we serve.”

Also read: Why high-wattage motors and advanced power electronics are critical for heavy-duty electrification