Gurugram-based electric commercial mobility startup Drivn has raised Rs 45 crore, or approximately $4.7 million, in a seed funding round from Avaana Capital. The investment has been raised through Drivn’s Indian operating entity, Drivn Transition Private Limited, according to regulatory filings.
The funding comes a few months after Drivn secured a financing commitment of up to $80 million from Japanese financial services group Nomura for the deployment of electric buses and trucks. While the Nomura commitment was made at the group level, the latest Rs 45 crore investment has been raised by the company’s Indian entity.
As part of the latest transaction, the board of Drivn’s Indian entity approved the allotment of 33,98,792 compulsorily convertible preference shares (CCPS) at an issue price of Rs 132.40 per share. Avaana Capital invested the entire Rs 45 crore in the funding round, making it the sole investor in the transaction.
According to the regulatory filings, Drivn plans to use the fresh capital to meet its business requirements and for general corporate purposes. The funding provides additional equity capital to the startup as it develops its commercial electric mobility operations in India.
Founded in June 2025 by Manav Bansal, Alpna Jain and Madhujeet Chimni, Drivn is building an electric mobility platform focused on commercial vehicles. The Gurugram-based company is working across vehicle leasing, charging infrastructure, battery lifecycle management and fleet operations.
Drivn owns and leases electric commercial vehicles, including intercity buses and heavy-duty trucks. Its business model is focused on addressing some of the financing, deployment and infrastructure requirements involved in the electrification of commercial vehicle fleets.
The company offers long-tenure leasing, flexible payment structures and operating lease models for commercial electric vehicles. Alongside its leasing business, Drivn has developed an in-house technology platform to monitor vehicle and battery performance.
The platform is intended to provide visibility into the performance of electric vehicles and their batteries as they are deployed in commercial operations. This forms part of Drivn’s broader approach of combining electric vehicle deployment with fleet management and supporting infrastructure.
The latest funding also changes the ownership structure of Drivn’s Indian entity. Following the transaction, Singapore-based Drivn Transition PTE. LTD holds an 88.75% stake in the Indian company, while Avaana Capital holds 7.22%. Co-founder and CEO Manav Bansal holds the remaining 4.03%, according to the regulatory filings.
The Indian operating entity has previously received investment from the Singapore-based Drivn Transition PTE. LTD. The parent holding company is based in Singapore, while the latest equity funding has been raised through the company’s Indian business.
Drivn’s latest fundraise comes as the company continues to build its commercial electric mobility platform. Unlike passenger EV businesses that primarily focus on individual consumers, Drivn is targeting commercial vehicles, where the transition to electric mobility also involves financing, charging, vehicle deployment, fleet operations and battery management.
The company’s focus includes electric intercity buses and heavy-duty trucks, segments where vehicle utilisation, operating costs and charging infrastructure are important considerations for fleet operators.
The Rs 45 crore seed investment from Avaana Capital therefore adds equity funding to Drivn’s capital base as it develops its operations in India. The company now has the latest institutional investment alongside the earlier Nomura financing commitment to support its plans for commercial electric vehicle deployment.
