Finnfund, the Finnish development financier and impact investor, has announced a $15 million equity investment in Transvolt Mobility to support the expansion of its electric heavy commercial vehicle (HCV) operations in India. The funding will target Transvolt’s e-bus and e-truck deployment across sectors including intra-city transport, employee mobility, haulage, and ports.
This investment follows a previous equity injection from the International Finance Corporation (IFC), a World Bank Group member, in July 2025. The growth capital will help Transvolt scale its fleet to 3,500 heavy commercial EVs and create around 8,500 jobs over the next 2–3 years, moving toward its long-term goal of deploying 8,000 e-buses and e-trucks across India.
India aims to electrify 800,000 buses and replace 10% of diesel trucks with 400,000 electric trucks, presenting significant opportunities for scalable EV solutions in both public and private fleets. The transition is estimated to mobilize $200 billion in investments.
Helena Teppana, Associate Director at Finnfund, said, “India’s transportation ecosystem is undergoing a transformation through large-scale adoption of pure-electric vehicles. We are pleased to support Transvolt in developing clean transportation, which not only benefits the climate but also public health by reducing tailpipe emissions. We also value Transvolt’s focus on maximizing employment opportunities for women, including as drivers.”
Since FY 2023, Transvolt has deployed over 500 heavy commercial EVs across India, serving municipal corporations, corporate employee transportation, and haulage for sectors such as cement, mining, and ports.
Dheeraj Jhawar, Director and Co-founder of Transvolt Mobility, commented, “We are privileged to have Finnfund as an investor. This partnership strengthens our commitment to sustainable mobility in India and reinforces our leadership in the heavy commercial EV segment.”
Debasis Mohanty, CEO and Co-founder, added, “With Finnfund as a partner, Transvolt is set to accelerate the deployment of e-buses and e-trucks across government and private sectors, delivering sustainable and safe logistics solutions while driving long-term growth.”
