Electric Commercial Mobility Startup Drivn's Indian Entity Raises Rs 45 Crore Seed Round Led by Avaana Capital
Gurugram-based Drivn's Indian operating entity has raised Rs 45 crore, around $4.7 million, in a seed funding round from Avaana Capital, while its parent holding company remains based in Singapore.
Here's how the round was structured. According to regulatory filings, the Indian entity's board approved the allotment of 33,98,792 compulsorily convertible preference shares at an issue price of Rs 132.40 per share, with Avaana Capital investing the entire Rs 45 crore as the sole participant in this round. Following the transaction, Singapore-based Drivn Transition PTE Ltd retains an 88.75% stake in the Indian entity, Avaana Capital holds 7.22%, and co-founder Manav Bansal owns 4.03%.
Here's what Drivn is actually building. Founded in June 2025 by Manav Bansal, Alpna Jain and Madhujeet Chimni, Drivn is building a full-stack electric mobility platform focused on large commercial vehicles, owning and leasing electric intercity buses and heavy-duty trucks while also offering fleet operations, charging infrastructure and battery lifecycle management. In simple terms, it's trying to be the single integrated partner that helps logistics companies, intercity operators and industrial fleet owners move away from diesel vehicles in an organised way.
The bigger financing story here is worth noting. This Rs 45 crore equity round follows a separate, much larger commitment, up to $80 million in financing announced with Japan's Nomura back in February 2026, specifically earmarked for deploying electric buses and trucks. That gives Drivn an interesting two-track capital strategy, equity capital to build the company itself, and dedicated financing support to actually put vehicles on the road.
The reality check worth flagging: despite the fresh capital and the Nomura commitment, Drivn's Indian entity was still pre-revenue in FY26, reporting a loss of Rs 1.96 crore for the year. This is early-stage, capital-intensive infrastructure building, not a company with proven unit economics yet.
From buses and trucks to charging and battery management, Drivn's seed round is a bet that India's commercial fleets are ready to go electric, if someone builds the full stack to support them.
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— Sandeep Raiza