Transvolt Mobility is set to receive a $15 million investment from Finnfund, the Finnish government’s development bank and impact investor. This significant funding marks a pivotal step forward in India’s journey toward cleaner, more sustainable transportation, particularly for heavy commercial vehicles. The investment not only accelerates the deployment of electric trucks and buses across the country but also reinforces global confidence in India’s evolving EV ecosystem.
Strategic Partnerships Fueling Growth
This latest investment follows strategic support from the International Finance Corporation (IFC), part of the World Bank Group, in July 2025. With this backing, Transvolt Mobility has emerged as one of the fastest-growing electric heavy vehicle companies in India.
Scaling Up Electric Fleets and Job Creation
Transvolt plans to leverage Finnfund’s investment to rapidly expand its electric truck and bus fleet. This growth is expected to generate thousands of new jobs and significantly reduce pollution, aligning with India’s ambitions for clean, sustainable urban transport.
About Finnfund: Investing for Sustainable Impact
Finnfund, established in 1980, is dedicated to financing private-sector projects with clear economic, social, and environmental impacts in developing countries. Its investment focus includes clean mobility, digitalization, renewable energy, and long-lasting infrastructure. By supporting Transvolt Mobility, Finnfund demonstrates its commitment to low-carbon transportation—a critical need in rapidly urbanizing economies like India.
Transvolt Mobility: Pioneering Electric Heavy Transport in India
buses and large trucks in regions where they can make the most impact. Since its inception in FY 2023, the company has placed over 500 heavy commercial EVs on Indian roads, serving:
- City governments
- Employee transport
- Mining and cement logistics
- Port management and cargo movement
- Urban freight and logistics
Their efforts are helping to shift the heavy commercial vehicle market away from diesel dependency.
Key Objectives of the $15 Million Investment
Finnfund’s investment will help Transvolt to:
- Grow its electric vehicle fleet nationwide
- Expand operations in high-traffic logistics corridors
- Enhance the reliability of fleet charging and management technologies
- Develop safer and more dependable electric trucks
Ambitious Fleet Expansion Targets
- Short-term (2–3 years): 3,500 new electric heavy vehicles on the road
- Long-term: 8,000 electric trucks and buses deployed
This growth will make it easier for fuel-intensive industries to transition to cleaner transport solutions.
Driving Employment and Social Impact
A major benefit of this expansion is job creation. Transvolt projects the addition of approximately 8,500 jobs in:
- Driving
- Service and maintenance
- Charging infrastructure
- Fleet management
- Logistics
Importantly, the company is committed to diverse hiring, including women drivers—a unique move in the heavy trucking industry
Supporting India’s National Clean Mobility Goals
India has set ambitious targets for electric vehicles, including the deployment of 800,000 electric buses and 400,000 electric trucks (about 10% of existing diesel fleets). Achieving these targets will require nearly $200 billion in combined public and private investment. Partnerships like the one between Finnfund and Transvolt are crucial to bridging this gap and making clean transport technologies mainstream.
Environmental and Economic Benefits
Electric heavy vehicles provide several advantages:
- Reduced emissions and improved city air quality
- Lower carbon footprint
- Decreased reliance on imported fuels
- Enhanced public health
- Predictable and lower operating costs over time
- Less noise pollution
Transvolt’s approach directly addresses these benefits, making electric commercial vehicles a practical choice for Indian businesses.
Leadership Perspectives
Finnfund’s View:
Helena Teppana, Associate Director at Finnfund, emphasized that the investment’s impact goes beyond business growth, contributing to healthier communities and more employment by reducing transport emissions.
Transvolt’s Leadership:
Dheeraj Jhawar, Director and Co-founder, highlighted that Finnfund’s support validates Transvolt’s long-term vision. CEO and Co-founder Debasis Mohanty added that the partnership will accelerate India’s transition to renewable energy and improve logistics nationwide.
Why Electric Heavy Vehicles Matter for India
Heavy-duty trucks and buses are major contributors to fuel consumption, urban pollution, and logistics costs. Electrifying this segment delivers:
- Lower total cost of ownership
- Reduced operational noise
- Improved energy efficiency
- Predictable business expenses
Transvolt’s business model is designed to maximize these advantages for Indian companies.
Conclusion
Finnfund’s $15 million investment in Transvolt Mobility marks a transformative moment for India’s electric commercial vehicle sector. The partnership accelerates the shift toward cleaner logistics, more employment, and lower emissions through global collaboration and innovation.
With support from world-class investors, Transvolt Mobility is leading India’s clean transportation revolution—turning electric buses and trucks from pilot projects into mainstream commercial solutions, and advancing the nation’s environmental and economic goals.
FAQs
Finnfund contributed $15 million after IFC’s support in July 2025
Expanding electric fleet, charging infrastructure, and operations across India.
3,500 electric heavy vehicles in the next 2–3 years; 8,000 in the long term.
Yes, around 8,500 new jobs are expected.
Business travel, transportation, logistics, cement, mining, and port operations.