Finnfund Invests $15 Million in Transvolt Mobility to Boost Electric Heavy Vehicles in India

Key Highlights

• Finnfund invests USD 15 million in Transvolt Mobility.

• Fleet expansion to 3,500 EVs in 2–3 years.

• Long-term target: 8,000 electric heavy vehicles.

• Creation of approx. 8,500 jobs.

• Supports India’s clean mobility and emission reduction goals.

Finnfund, a Finnish development financier and impact investor, has invested USD 15 million in Transvolt Mobility, marking a major step in the deployment of electric heavy commercial vehicles in India. This follows an earlier investment by the International Finance Corporation (IFC), part of the World Bank Group, in July 2025.

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Expanding Electric Vehicle Fleet Across India

The funding will help Transvolt expand its fleet of electric buses and trucks for various applications, including intra-city transport, employee commuting, haulage, and port operations. The company aims to scale its fleet to 3,500 heavy commercial EVs in the next two to three years, with a long-term goal of deploying 8,000 electric heavy vehicles nationwide.

Transvolt has also projected that this expansion could create around 8,500 new jobs in India, emphasizing the social impact of sustainable mobility. Since starting operations in FY 2023, Transvolt has deployed over 500 heavy commercial electric vehicles, serving municipal corporations, corporate transport, and haulage operations for sectors like cement, mining, and ports.

Supporting India’s Clean Mobility Goals

India’s ambitious clean mobility plans aim to electrify 800,000 buses and replace 10% of diesel trucks with 400,000 electric trucks, requiring USD 200 billion in public and private investments.

Helena Teppana, Associate Director at Finnfund, highlighted the importance of sustainable transport:

“India’s transportation ecosystem is transforming with large-scale adoption of electric vehicles. Supporting Transvolt contributes to clean transportation, reducing tail-pipe emissions that cause health issues in cities. We are also encouraged that Transvolt focuses on employing women in various roles, including drivers.”

Leadership Perspective

Dheeraj Jhawar, Director and Co-founder of Transvolt Mobility, said:

“Finnfund joining us as an investor is a significant milestone, reinforcing our shared commitment to sustainable mobility. Transvolt will continue leading the deployment of heavy commercial EVs across India.”

Debasis Mohanty, CEO and Co-founder, added:

“Our focus is to create safe and sustainable logistics solutions in the heavy commercial vehicle segment. With Finnfund as our partner, we aim to accelerate clean energy adoption and drive long-term growth across all markets we serve.”

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CMV360 Says

Finnfund’s investment in Transvolt Mobility strengthens India’s journey toward sustainable transportation. With the expansion of electric buses and trucks, the partnership not only reduces carbon emissions but also generates jobs, empowers women, and sets a benchmark for private sector participation in clean mobility.