Finnfund Backs Transvolt to Scale Electric Trucks India

Finnfund, Finland’s state-owned development financier and impact investor, has committed $15 million to Transvolt Mobility, strengthening India’s push toward cleaner and more sustainable heavy transportation. The investment marks another major endorsement for Transvolt’s electric bus and truck platform and follows an earlier funding round led by the International Finance Corporation (IFC), a member of the World Bank Group, in July 2025.

The fresh capital will be used to rapidly scale Transvolt’s fleet of electric heavy commercial vehicles across India. The company operates electric buses and trucks for a wide range of use cases, including intra-city transport, employee commuting, industrial haulage, and port-based logistics. With the new investment, Transvolt plans to expand its fleet to around 3,500 electric heavy vehicles within the next two to three years. Over the longer term, the company has set an ambitious target of deploying 8,000 electric heavy commercial vehicles nationwide.

Transvolt’s growth is also expected to have a significant employment impact. The company estimates that its expansion could generate approximately 8,500 new jobs across operations, driving, maintenance, and support functions. Since beginning operations in FY 2023, Transvolt has already deployed more than 500 electric heavy commercial vehicles. These vehicles are currently serving municipal corporations, corporate employee transport services, and large-scale haulage requirements in sectors such as cement, mining, and port operations.

The investment aligns closely with India’s broader clean mobility roadmap. The country has outlined plans to electrify about 800,000 buses and replace roughly 10 percent of diesel trucks with nearly 400,000 electric trucks. Achieving these goals is expected to require combined public and private investments of around $200 billion, making private capital participation critical for progress.

Commenting on the investment, Helena Teppana, Associate Director at Finnfund, said India’s transportation ecosystem is undergoing a major transformation driven by electric vehicle adoption. She noted that supporting companies like Transvolt contributes directly to cleaner transportation systems by reducing tailpipe emissions that contribute to urban health problems. Teppana also highlighted Finnfund’s encouragement of Transvolt’s efforts to employ women in diverse roles, including as drivers, within the commercial transport sector.

Transvolt’s leadership welcomed Finnfund’s entry as an investor. Dheeraj Jhawar, Director and Co-founder, described the partnership as a key milestone that reinforces a shared commitment to sustainable mobility in India. CEO and Co-founder Debasis Mohanty added that the company remains focused on building safe, reliable, and sustainable logistics solutions for heavy commercial vehicles. With Finnfund’s backing, Transvolt aims to accelerate clean energy adoption and support long-term growth across all the markets it serves.

Together, the investment signals growing confidence in India’s electric heavy vehicle ecosystem and the role of impact-focused capital in driving large-scale decarbonization.