EKA Mobility Wins ₹500 Cr Funding to Power EV Manufacturing

EKA Mobility, an electric commercial vehicle manufacturer based in Pune, has received ₹500 crore from the India-Japan Fund (IJF), managed by the National Investment & Infrastructure Fund (NIIF) to foster India's transition toward sustainable transport.

The newly raised funding will be used to contribute to manufacturing scale, R&D, and supply chain improvements to grow both domestic and international markets, according to Founder and Chairman Sudhir Mehta.

A large part of the funding will be used to ramp up electric bus production, with EKA Mobility building its third manufacturing facility in Pithampur, Madhya Pradesh, expected to be operational in the first quarter of the next financial year. This expansion will double EKA Mobility's electric bus production capacity from 2,500 units to 6,000 to 8,000 units a year.

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Krishna Kumar, partner and fund head at IJF, noted that the investment fits with the fund’s climate-focused strategy and supports the India-Japan investment corridor.

To date, EKA Mobility, has delivered 500 electric buses and received confirmed orders for over 3,300 through government and private fleet contracts. The company has raised approximately ₹1,050 crore to date with backing from VDL Groep (Netherlands), Mitsui & Co. Ltd (Japan), and ENAM Holdings (India).

EKA Mobility is a subsidiary of Pinnacle Industries and is one of only three EV manufacturers qualified for electric bus subsidies under India’s PLI scheme; this positions EKA Mobility as a key player in the country’s evolving electric vehicle ecosystem.