Drivn Raises Rs 45 Cr from Avaana Capital for Electric Commercial Mobility

Drivn, an electric commercial mobility startup based in Gurugram, has raised Rs 45 crore, or approximately $4.7 million, in a seed funding round led by Avaana Capital.

The latest capital has been raised by Drivn's Indian operating entity, while the company's parent holding company is based in Singapore. The funding comes several months after Drivn secured an $80 million commitment from Japanese financial services group Nomura in February 2026.

According to regulatory filings accessed by Entrackr, Avaana Capital invested the entire Rs 45 crore in the latest round. The company's board approved the allotment of 33,98,792 compulsorily convertible preference shares at an issue price of Rs 132.40 per share.

The fresh capital will be used to meet Drivn's business requirements and for general corporate purposes.

Building an electric mobility platform for commercial fleets

Founded in 2025 by Manav Bansal and Alpna Jain, Drivn is developing a full-stack electric mobility platform focused on large commercial vehicles.

The company operates across several parts of the commercial electric vehicle ecosystem rather than focusing solely on vehicle sales.

Drivn owns and leases electric intercity buses and heavy-duty trucks. It also provides fleet operations and other services for commercial fleet owners.

The company is additionally building charging infrastructure and battery lifecycle management capabilities.

This integrated approach is aimed at businesses that are transitioning large commercial fleets from internal combustion engines to electric vehicles.

Commercial fleet electrification involves more than purchasing electric vehicles. Operators also need access to charging infrastructure, fleet management, vehicle financing or leasing models, maintenance and battery management.

Drivn is attempting to bring several of these functions together within a single platform.

Rs 45 Cr raised by the Indian operating entity

The latest funding is specifically being raised by Drivn's Indian operating entity.

Regulatory filings show that the company issued 33,98,792 CCPS at Rs 132.40 per share.

Avaana Capital invested the entire Rs 45 crore in the transaction.

The structure also highlights the relationship between Drivn's Indian business and its Singapore-based parent company.

Following the transaction, Singapore-based Drivn Transition PTE. LTD remains the majority shareholder in the Indian entity with an 88.75% stake.

Avaana Capital holds a 7.22% stake, while co-founder and CEO Manav Bansal owns 4.03%.

The funding therefore gives Avaana Capital a direct equity position in Drivn's Indian operating business.

Nomura's $80M commitment

The latest funding comes only a few months after Drivn received an $80 million commitment from Japanese financial services group Nomura in February 2026.

That commitment provided another significant source of capital for the company's plans in electric commercial mobility.

The combination of the Nomura commitment and the new Avaana Capital investment gives Drivn additional financial resources as it builds out its commercial electric mobility platform.

However, the two transactions involve different parts of the corporate structure. The latest Rs 45 crore round was raised by the Indian operating entity, while Drivn's parent holding company is based in Singapore.

Electric buses and heavy-duty trucks

Drivn's focus is on large commercial vehicles rather than consumer electric mobility.

The company owns and leases electric intercity buses and heavy-duty trucks, targeting businesses operating commercial fleets.

Fleet operators face different challenges when transitioning to electric vehicles compared with individual consumers.

Large commercial vehicles generally require more charging capacity, route planning and operational coordination. Vehicle utilization also has a direct impact on the economics of fleet operations.

For intercity buses and heavy-duty trucks, charging availability and battery management can become particularly important because vehicles may operate on demanding schedules.

Drivn's platform combines vehicle access with fleet operations and charging infrastructure in an attempt to address these requirements together.

Charging and battery lifecycle management

Alongside vehicles, Drivn is working on charging infrastructure and battery lifecycle management.

Charging infrastructure is a critical component of commercial fleet electrification because fleet operators need predictable access to energy at locations and times that align with vehicle operations.

Battery lifecycle management is another important part of electric commercial mobility.

As electric vehicles become more widely deployed, operators need systems for managing battery performance and lifecycle requirements over the useful life of the vehicle.

Drivn's decision to include these capabilities within its platform reflects its focus on providing an integrated solution for commercial fleet electrification.

Avaana Capital backs the company

Avaana Capital led the latest Rs 45 crore seed round and invested the entire amount raised in the transaction.

The investment adds Drivn to Avaana's portfolio as the startup develops its electric mobility platform.

For Drivn, the funding provides additional capital to support its operations and broader business requirements.

The company has not disclosed a detailed breakdown of how the new capital will be allocated beyond general business requirements and corporate purposes.

Early-stage business with significant capital commitments

Despite the funding activity, Drivn's Indian entity remained at a pre-revenue stage during FY26.

According to regulatory filings, the Indian entity reported a loss of Rs 1.96 crore during the financial year.

This places the company in an early stage of commercial development despite the substantial capital commitments it has secured.

The distinction between funding and revenue is particularly relevant for capital-intensive businesses such as electric commercial mobility.

Building or leasing electric vehicles, developing charging infrastructure and establishing fleet operations can require substantial upfront investment before a company reaches significant revenue scale.

Drivn's future performance will therefore depend on how effectively it converts its capital base and operating infrastructure into commercial fleet deployments and recurring revenue.

India's commercial fleet electrification opportunity

The commercial transportation sector represents a significant potential market for electric mobility.

Fleet operators are increasingly evaluating electric vehicles as part of broader efforts to reduce fuel costs and emissions, but the transition requires more than replacing conventional vehicles with electric models.

Charging infrastructure, financing, leasing, fleet operations and battery management all need to work together.

Drivn's full-stack approach is built around these interconnected requirements.

Its focus on intercity buses and heavy-duty trucks also positions the company in segments where vehicle utilization and operating economics can be particularly important.

Rather than building a consumer-focused electric vehicle business, Drivn is concentrating on commercial operators that need infrastructure and services around their vehicles.

Ownership after the funding round

The latest funding has changed the ownership structure of Drivn's Indian entity while leaving the Singapore-based parent company as the dominant shareholder.

Drivn Transition PTE. LTD holds 88.75% of the Indian operating company after the transaction.

Avaana Capital owns 7.22%, while co-founder and CEO Manav Bansal holds 4.03%.

The ownership structure reflects Drivn's corporate setup, with the Indian operating business controlled by its Singapore-based parent.

What comes next for Drivn

Drivn now has additional capital from both its recent Avaana Capital seed round and the earlier Nomura commitment as it continues developing its electric commercial mobility platform.

The company is building across several layers of the ecosystem, including electric buses, heavy-duty trucks, leasing, fleet operations, charging infrastructure and battery lifecycle management.

The immediate use of the Rs 45 crore funding is focused on business requirements and general corporate purposes, according to regulatory filings.

The company will need to translate its infrastructure and capital commitments into commercial deployments as it moves beyond its pre-revenue stage in India.

For now, Drivn's strategy remains focused on building an integrated platform for businesses moving large commercial fleets toward electric mobility.