Electric commercial mobility startup Drivn has raised Rs 45 crore, approximately $4.7 million, in a seed funding round led by Avaana Capital through its Indian operating entity. The capital comes months after the company received a financing commitment of up to $80 million from Japanese financial services group Nomura in February 2026. Regulatory filings reviewed by Entrackr confirmed that the Indian entity's board approved the allotment of compulsorily convertible preference shares for the transaction.
Funding Mechanics and Use of Proceeds
According to the filings, the Indian entity issued 3,398,792 compulsorily convertible preference shares at an issue price of Rs 132.40 per share. Avaana Capital contributed the entire Rs 45 crore investment, making it the sole investor in this seed round. The company stated that the fresh capital will be used to meet its business requirements and for general corporate purposes.
Ownership and Corporate Structure
Following the latest fundraising, Singapore-based Drivn Transition PTE. LTD remains the majority shareholder in the Indian entity with an 88.75 percent stake. Avaana Capital holds a 7.22 percent stake, while co-founder and chief executive officer Manav Bansal owns 4.03 percent. The parent holding company is based in Singapore while the new equity went into Drivn's Indian operating entity.
Company Background and Business Model
Founded in 2025 by Manav Bansal and Alpna Jain, Gurugram-based Drivn is building a full-stack electric mobility platform concentrated on large commercial vehicles. The startup owns and leases electric intercity buses and heavy-duty trucks while also offering fleet operations and services for commercial fleet owners. Its platform further includes charging infrastructure and battery lifecycle management solutions to help businesses transition their fleets to electric vehicles.
Strategic Significance in Electric Mobility
Drivn's approach combines vehicle ownership, leasing, operations, and charging infrastructure under one platform, which may reduce friction for commercial fleet operators seeking to electrify. Investor interest in this model is evident from the participation of Avaana Capital and the earlier backing commitment from Nomura. As India's commercial vehicle sector gradually embraces electric alternatives, integrated platforms like Drivn could play a meaningful role in accelerating the shift.
Nomura Commitment and Expansion Plans
The seed funding follows a financing commitment of up to $80 million announced by Nomura in February 2026. That commitment is structured largely as senior secured debt with an equity component and remains subject to documentation and final conditions. It is intended to support the deployment of around 1,000 electric buses and trucks by the fourth quarter of fiscal year 2027.
Financial Position and Market Context
Despite the fresh equity and the larger financing commitment, Drivn's Indian entity was still pre-revenue in financial year 2026 and reported a loss of Rs 1.96 crore, according to its regulatory filings. The company's early-stage financial profile reflects the capital-intensive nature of building an electric commercial vehicle fleet before revenue generation begins. The latest fundraising also forms part of a wider flow of early-stage capital into India's electric mobility segment, where several startups are attracting investor interest.
The seed round gives Drivn's Indian entity equity capital to strengthen its business operations while the Nomura commitment provides a larger structured financing pathway for fleet expansion. With its Singapore parent retaining majority control and a dedicated focus on electric buses and heavy-duty trucks, Drivn is positioned to pursue integrated commercial mobility solutions in India. The company's progress from pre-revenue operations to actual fleet deployment will be an important indicator of its ability to convert capital into sustainable growth.
Source: Entrackr