In India, electrifying the commercial fleets that power our economy isn’t about choosing a better vehicle. It’s about overcoming the true obstacles: crippling costs, inaccessible financing, and operational risk. Drivn, an electric mobility platform, tackles this head-on, creating the financial and operational solutions needed to drive the transition.
The two Worlds of EV Adoption
The path to commercial EV adoption diverges sharply between developed and emerging economies. In the West, a robust ecosystem of government subsidies, mature financial institutions, and reliable infrastructure accelerates the transition. Fleet operators can access loans, count on grid stability, and benefit from tax credits, making the higher upfront cost of an EV manageable.
The picture in emerging markets is starkly different
- Prohibitive Upfront Cost: Electric buses and trucks can cost “almost two to two-and-a-half times more than diesel vehicles.” This initial capital outlay is a massive barrier for fleet operators running on thin margins.
- The Financing Gap: Traditional lenders are wary. As Drivn’s CEO and co-founder, Manav Bansal, notes, “the banking system is not geared up to finance these assets over longer tenures, especially when resale values and asset health have not yet been ascertained.” This uncertainty creates a critical financing vacuum.
- Intense Operational Risks: Harsh road conditions, extreme temperatures, unpredictable traffic, and varied driver habits all have a significant impact on an EV’s most crucial component: the battery. Without a way to monitor and manage these factors, asset depreciation is a huge, unquantifiable risk.
Introducing a state-of-the-art electric truck into an emerging market is like having a key without a lock; it simply doesn’t work. The real challenge is building the lock itself, the integrated platform that de-risks the entire proposition for everyone involved.
De-risking Adoption: The Platform Approach
This is where innovative companies like Drivn are changing the game. Instead of just selling vehicles, they are creating full-stack platforms that tackle the core challenges of financing and operations head-on. Their approach to EV fleet management in India offers a blueprint for unlocking commercial EV adoption in complex markets.
Drivn operates an asset-owning model, purchasing electric buses and trucks itself and leasing them to operators on long-term contracts, immediately solving the first major hurdle: the high upfront cost for the end-user.
But the true innovation is how they solve the financing and operational puzzle.
| Feature | Emerging Market Challenge | Drivn’s Solution |
| Upfront Cost | 2-2.5x higher than diesel, a major barrier for operators. | The platform owns the asset, offering it as a service (leasing). |
| Financing | Lenders are hesitant due to the unknown resale value and asset health. | Secures large-scale, structured debt by proving asset value through data. |
| Operational Risk | High variability in routes, conditions, and driver behaviour affects asset life. | Uses a proprietary tech platform to track every parameter in real-time. |
| Focus of Innovation | Business model innovation (financing, risk management, operations). | An integrated system that makes the technology economically viable. |
Data: The Currency of Confidence
The secret to Drivn’s model is its technology platform. It isn’t just a simple GPS tracker; it’s a comprehensive diagnostic tool that builds confidence for financial partners.
As Manav Bansal explains, “When we lease out a bus or truck, every parameter is tracked in real time, battery charge, degradation, route efficiency, even driver alertness. This allows us to ascertain asset value and health at a granular level, something neither banks nor other fleet operators can do today.”
This data-driven approach transforms an unpredictable asset into a transparent, manageable investment. It’s what allowed Drivn to secure an $80 million commitment from a major financial institution like Nomura, not just to buy vehicles, but to fund a system that guarantees their operational efficiency and long-term value.
This model is already being put into practice. With plans to deploy nearly 1,000 vehicles, Drivn has announced initial partnerships to roll out:
- 150 intercity buses with Fresh Bus
- 50 buses with Zing Bus
- 78 electric trucks for Enviiiro (an arm of Inland World Logistics)
By partnering with manufacturers like Montra Electric for 55-tonne trucks, they are building an entire ecosystem, from capital to asset deployment.
The Road Ahead
The electrification of commercial fleets in emerging markets will not be led by vehicle manufacturers alone. It will be pioneered by companies that understand that the bus or truck is just the starting point. The real work is in building the financial and operational scaffolding that makes the transition possible, profitable, and sustainable.
Frequently Asked Questions
What is Drivn?
Drivn is an electric mobility platform focused on large commercial vehicles like buses and trucks. It operates on an asset-owning model, where it buys electric vehicles and then leases them to transport and logistics companies on long-term contracts.
How is Drivn financing its fleet of electric vehicles?
Drivn has secured a commitment of up to $80 million from the Japanese financial services group Nomura. This capital is structured primarily as senior secured debt with an equity component and will be used to roll out its fleet of electric buses and trucks.
What vehicles are Drivn deploying and on what scale?
Drivn is deploying electric buses and heavy trucks. The company plans to deploy about 1,000 vehicles by August 2026. In the first phase, the fleet is expected to be composed of approximately 60% buses and 40% trucks.
How does Drivn manage the operational risks of its electric fleet?
Drivn uses a proprietary technology platform to manage its assets. This platform tracks key performance indicators in real-time, including vehicle performance, battery health and degradation, route efficiency, loads, temperature conditions, and even driver alertness. This allows them to precisely ascertain the asset’s value and health.
