Finnfund invests in Transvolt Mobility to support the electrification of heavy commercial vehicles in India
Finnfund, the Finnish development financier and impact investor, announces a 15 million US dollar equity investment in Transvolt Mobility to fund Transvolt’s growing business of deployment of Electric Heavy Commercial Vehicle business in e-Buses and e-Truck segment across various business opportunities, namely Intra-city operation, Employee Transportation, Haulage solution, Ports etc. Finnfund’s investment is alongside the equity investment from the International Finance Corporation (IFC), a member of the World Bank Group, in July 2025.
The growth capitals will enable Transvolt to scale its EV fleet portfolio to 3,500 heavy-commercial vehicles and create close to 8,500 jobs in the next 2-3 years. It will also support the company’s long-term goal of deploying 8,000 Heavy Commercial EVs such as e-buses and e-trucks across India. India’s ambitious push toward clean mobility aims to electrify 800,000 buses and replace 10 percent of diesel trucks with 400,000 electric trucks. This transition presents an opportunity to invest in scalable EV solutions across public and private fleets and mobilise an estimated 200 billion US dollars to meet the country’s targets.
Helena Teppana, Associate Director, Finnfund, said, “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.”
With 500 plus heavy commercial EVs across India since its inception in FY 2023, Transvolt has established a strong presence across various business segments like municipal corporations, corporate employee transportation, and haulage for leading cement manufacturers, mines and ports.
Mr. Dheeraj Jhawar, Director and Co-founder, 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.”
More information: Associate Director Helena Teppana, helena.teppana@finnfund.fi, +358 40 822 8296
Media contact: Senior Communications and Marketing Manager Valpuri Mäkinen, valpuri.makinen@finnfund.fi, +358 50 384 2105
About Transvolt Mobility Private Limited
Transvolt Mobility Pvt Ltd (“TMPL” or “Transvolt”) is an electric mobility platform by leveraging proven global experience of its senior management team and its working partners, developments in e-mobility technology, and the Government’s strong push for electrification of transportation in various states as well as in the country. The EV Platform envisages to integrate and create powerful connected ecosystem across products and services segments in the value chain to create and offer a robust e-mobility infrastructure capability in the B2G, B2C and B2B domains.
Transvolt is an OEM agnostic EV platform where-in, the Company works with multiple OEMs and EV-Charging Partners, considering the project requirements and product suitability for the end-use.
As part of its effort to build a robust EV-platform, Transvolt has tie-ups with multiple EV manufacturers to provide buses & trucks of different categories to cater to the need of the customers. Transvolt choses its OEM partners considering the bus technology, battery management system and long-term maintenance support. Transvolt has also developed an ecosystem for providing EV-charging solutions through tie-ups with CPOs (Charge Point Operators), O&M partners/ Operators to provide services PAN-India.
About Finnfund
Finnfund is a Finnish development financier and impact investor. Finnfund builds a sustainable future and generates lasting impact by investing in businesses that solve global development challenges with Finnish added value. Each year, we invest 200–250 million euros in 20–30 companies in developing countries. Our focus is particularly on digital infrastructure and solutions, clean energy, forestry, agriculture, and on providing funding for small and medium-sized enterprises through financial institutions. Today, Finnfund’s investments, commitments, and investment decisions total about 1.3 billion euros. The company has about 100 employees based in Helsinki and Nairobi. For more information, please visit https://www.finnfund.fi/en.
