New Delhi, July 18 -- To enhance access to quality urban transport, scale up electric vehicles (EVs) production and strengthen India's electric mobility ecosystem, IFC is providing USD 20 million equity investment to Transvolt Mobility Private Limited (Transvolt), as part of its USD 50 million financing round, the company said in a release.

This is IFC's first equity investment in an EV platform in India and globally. It will enable Transvolt to scale its electric fleet portfolio to 3,500 vehicles and create 8,200 jobs in the next five years. It will also support the company's long-term goal of deploying 8,000 heavy commercial EVs such as buses and trucks across India.

Dheeraj Jhawar, Director and co-founder, Transvolt Mobility, said, "...