Pune-based electric vehicle (EV) manufacturer EKA Mobility has raised ₹500 crore ($57 million) from the India-Japan Fund, managed by the National Investment and Infrastructure Fund (NIIF). This funding aims to expand manufacturing, bolster R&D, enhance supply chain efficiency, and boost marketing initiatives domestically and globally. Founder Sudhir Mehta commented that this investment comes at a crucial growth phase to accelerate EV adoption across India.
Comprehensive EV Product Portfolio
EKA Mobility boasts one of India’s largest electric commercial vehicle lineups. Their portfolio includes:
- Electric buses (7m, 9m, 12m) and intercity coaches with ranges over 250 km and ADAS features
- Small commercial vehicles (1.5T to 3.5T) for last-mile logistics
- Heavy-duty trucks (7T and 55T payloads)
- Three-wheelers for passenger and cargo use
The company uses AI-ML algorithms for smart fleet and battery management, focusing on sustainability through zero-emission, recyclable materials.
Manufacturing Capacity and Expansion Plans
EKA Mobility currently manufactures 200–250 electric buses monthly at its Pune facility, targeting to double this to 500 units per month by FY26. It operates two plants in Pune and is building a third in Madhya Pradesh, expected to increase annual production capacity significantly from 4,800 to 17,500 vehicles in the near future.
Strong Order Book and Market Position
The company has confirmed orders exceeding 3,300 electric buses from state transport corporations, municipal bodies, and private fleets, including around 2,000 buses under the PM e-Bus Sewa Scheme. Its clientele spans multiple states including Maharashtra, Uttar Pradesh, Delhi, and others. EKA’s product range puts it in direct competition with major players such as Tata Motors, Ashok Leyland, and Olectra Greentech.
Funding and Financial Performance
- In 2024 and 2025, EKA Mobility raised multiple funding rounds:
- ₹200 crore from ENAM Holdings (private equity) in mid-2025
- Earlier strategic funding involving Mitsui & Co. and VDL Groep, totaling about ₹850 crore, supporting scaling and technology collaboration
- FY24 revenues grew 12X to ₹53 crore but net losses widened to ₹32 crore as the company invests heavily in growth and R&D
- Founder Sudhir Mehta aims for profitability within two years, with a strategy focused on controlled expansion rather than cash burn.
Strategic Partnerships and Innovation
EKA’s alliances include Mitsui & Co. (Japan) and VDL Group (Netherlands), focusing on technology sharing and global market access. Pinnacle Industries (parent company) provides structural and seating expertise. The company also tests advanced technologies like hydrogen fuel cells in partnership with KPIT Technologies and BPCL.
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Outlook
With a solid foundation of investment, innovative product range, and a healthy order pipeline, EKA Mobility is positioned to become a dominant player in India’s electric commercial vehicle sector. Its aggressive scaling plans and government policy support, particularly the PLI scheme and PM e-Bus Sewa program, provide a conducive environment for growth.
