Finnfund, the Finnish development financier and impact investor, has announced an equity investment in Transvolt Mobility to support the expansion of its electric heavy commercial vehicle (e-HCV) business across India. The investment will accelerate Transvolt’s deployment of electric buses and electric trucks across multiple use cases, including intra-city transport, employee transportation, haulage solutions and port operations.
Finnfund’s investment follows an earlier equity infusion by the International Finance Corporation (IFC), a member of the World Bank Group, in July 2025, underscoring growing global confidence in Transvolt’s business model and execution capabilities.
The fresh growth capital will enable Transvolt Mobility to scale its electric fleet to 3,500 heavy commercial vehicles over the next two to three years, while generating close to 8,500 direct and indirect jobs. It will also support the company’s long-term ambition of deploying 8,000 electric heavy commercial vehicles—spanning e-buses and e-trucks—across India.
India’s clean mobility roadmap targets the electrification of nearly 800,000 buses and the replacement of 10 percent of diesel trucks with approximately 400,000 electric trucks over the coming years. This transition is expected to unlock investment opportunities worth an estimated US$200 billion across public and private fleet segments.
Founded in FY 2023, Transvolt Mobility has already deployed more than 500 electric heavy commercial vehicles nationwide. The company has built a strong presence across municipal corporations, corporate employee transportation, and haulage operations serving leading cement manufacturers, mining companies and port operators.
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.”
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.”
