EKA Mobility Secures INR 500 Crore Investment to Expand EV Manufacturing Operations

Electric vehicle manufacturer EKA Mobility has successfully secured a substantial strategic investment of INR 500 crore (approximately $57 million) from the National Investment and Infrastructure Fund Limited’s India-Japan Fund. This significant funding round marks a major milestone for the Pune-based company as it seeks to strengthen its position in India’s rapidly expanding electric vehicle sector.

The fresh capital injection will enable EKA Mobility to pursue multiple growth initiatives across its operations. The company plans to allocate these funds toward expanding its EV manufacturing capacity, advancing research and development capabilities, strengthening supply chain infrastructure, and enhancing marketing strategies for both domestic and international market penetration.

Strategic Investment Timing and Objectives

Company founder Sudhir Mehta emphasized the importance of this investment’s timing, stating that it arrives at a crucial moment as the organization expands operations, strengthens research and development, and accelerates electric mobility adoption across India. The funding aligns perfectly with the India-Japan Fund’s climate segment investment objectives and supports accelerated investments within the India-Japan business corridor.

The investment demonstrates growing confidence in India’s electric vehicle sector, particularly in commercial vehicle segments where EKA Mobility has established a strong presence. This funding round follows the company’s previous INR 200 crore raise from Enam Holdings earlier this year, indicating sustained investor interest in the startup’s growth trajectory.

Company Background and Product Portfolio

Established in 2022 by Sudhir Mehta, EKA Mobility operates as a subsidiary of Pinnacle Industries and has quickly established itself as a significant player in India’s EV manufacturing landscape. The company specializes in producing electric buses and small electric commercial vehicles, serving various market segments with its comprehensive product range.

The startup’s zero-emission vehicle portfolio includes electric buses in 7-meter, 9-meter, and 12-meter variants, intercity coaches, three-wheeler passenger and cargo vehicles, heavy-duty trucks weighing 55 tons and 7 tons, and small commercial vehicles in 1.5-ton, 2.5-ton, and 3.5-ton categories. This diverse product lineup positions the company to address multiple transportation needs across different industries.

EKA Mobility participates in India’s Production Linked Incentive scheme and maintains strategic partnerships with prominent organizations including Mitsui & Co. and VDL Group. These collaborations provide the company with technical expertise and market access that support its expansion goals.

Manufacturing Capacity and Order Book

The company operates its primary e-bus manufacturing facility in Koregaon Bhima, Pune, which currently produces 200-250 electric buses monthly. EKA Mobility aims to double this EV manufacturing capacity to 500 units per month by the end of financial year 2025-26, reflecting ambitious growth plans supported by strong market demand.

EKA Mobility reports confirmed orders exceeding 3,300 electric buses through state government procurements, municipal corporation contracts, and private commercial fleet agreements. The company maintains an order book of 3,000 e-buses and 1,000 small commercial vehicles, providing substantial revenue visibility for future periods.

The startup previously announced plans to utilize earlier funding to expand its existing e-bus manufacturing operations in Pune and establish a third manufacturing facility in Pithampur, Madhya Pradesh. These expansion plans demonstrate the company’s commitment to scaling production capabilities across multiple locations.

Financial Performance and Market Context

According to standalone financial statements for financial year 2023-24, EKA Mobility’s operating revenue increased dramatically by almost 12 times to INR 53 crore from INR 2.90 crore in the previous fiscal year. This substantial revenue growth reflects the company’s successful market penetration and order execution capabilities.

India’s electric vehicle ecosystem continues expanding driven by consumer awareness and strong investor support. The country’s EV market represents a projected $132 billion opportunity by 2030, having attracted $3.7 billion in funding since 2014. The sector now hosts more than 120 funded EV startups, creating a competitive yet opportunity-rich environment for established players like EKA Mobility.

The commercial vehicle segment, where EKA Mobility operates, faces increasing adoption as businesses seek sustainable transportation solutions. Government initiatives supporting electric mobility adoption, combined with improving charging infrastructure, create favorable conditions for continued EV manufacturing growth.