Cyril Amarchand Mangaldas advised Transvolt Mobility Private Limited. The transaction is part of a US$ 50 million financing round by TransVolt Mobility Private Limited (“Transvolt“), which is an early stage, Original Equipment Manufacturer (OEM)-agnostic Electric Vehicle (EV) platform that owns, operates and maintains electric-vehicles through group entities for the purpose of providing electric-bus fleet mobility, electric-transport and logistics solutions, electric-connectivity and electric-trucking solutions across India and outside India. As part of the same, International Financial Corporation (“IFC”) will be investing up to US$20 million (mn) in the form of Compulsorily Convertible Debentures (“CCDs”). This is IFC’s first equity investment in an EV platform in India and globally. IFC and Transvolt entered into a securities subscription agreement and a shareholders agreement for giving effect to this transaction.
The transaction team was led by Sonakshi Arora, Partner; with the support from Deval Dangayach, Senior Associate; and Preeti Gurnani, Associate.