Electric Commercial Mobility Startup Drivn's Indian Entity Raises Rs 45 Crore Seed Round Led by Avaana Capital
Gurugram-based Drivn, an electric commercial mobility startup, has raised Rs 45 crore (about $4.7 million) in a seed round through its Indian operating entity. Avaana Capital led the round and invested the entire amount.
Here is how the round is structured. Drivn's Indian board approved the allotment of 33,98,792 compulsorily convertible preference shares (CCPS) at Rs 132.40 per share. After this, the Singapore-based parent, Drivn Transition PTE. LTD, still holds the majority at 88.75%. Avaana Capital owns 7.22% and co-founder and CEO Manav Bansal holds 4.03%. The company says it will use the money for business requirements and general corporate purposes.
What does Drivn actually do? It is not a consumer EV brand selling scooters or cars. It is building a full-stack electric mobility platform for large commercial vehicles, focused on electric intercity buses and heavy-duty trucks. The platform combines vehicle leasing, charging infrastructure, battery lifecycle management and fleet operations. The target customers are fleet owners, logistics companies and intercity operators who want to move away from diesel.
The timing is interesting. This seed round comes a few months after Drivn received a financing commitment of up to $80 million from Japanese financial services group Nomura in February 2026, meant for deploying electric buses and trucks. That commitment was made at the group level, while this round was raised by the Indian entity. So the company is running two separate tracks: equity capital for the business, and dedicated financing for vehicle deployment.
Here is the reality check. The Indian entity was still pre-revenue in FY26 and reported a loss of Rs 1.96 crore. Drivn was founded in June 2025 by Manav Bansal, Alpna Jain and Madhujeet Chimni, so it is a very young company. The real test will be how many vehicles it actually deploys, which anchor customers it signs, and how its charging network performs.
India's push for cleaner transport has so far focused mostly on two-wheelers and passenger EVs. Commercial fleets are the harder and bigger opportunity, and Drivn's seed round is an early bet that leasing, charging and fleet operations can be built together in one platform.
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— Sandeep Raiza