671
/ 1
Min Read
Pune-based electric vehicle manufacturer EKA Mobility has raised a strategic investment of ₹500 crore (approximately $57 million) from the National Investment and Infrastructure Fund (NIIF)’s India-Japan Fund. The company plans to utilize this capital to increase manufacturing capacity, enhance research and development (R&D), improve supply chain infrastructure, and strengthen marketing efforts.
Sudhir Mehta, Founder of EKA Mobility, said, “This investment comes at a crucial time as we expand operations, strengthen R&D, and accelerate the adoption of electric mobility across India.”
Founded in 2022, EKA Mobility is a subsidiary of Pinnacle Industries. The startup manufactures electric buses and small electric commercial vehicles (eSCVs). It is part of India’s PLI scheme and has partnerships with Mitsui & Co. and VDL Group. Its product portfolio includes 7m, 9m, and 12m electric buses, intercity coaches, 3-wheeler passenger and cargo vehicles, 55T and 7T heavy-duty trucks, and 1.5T, 2.5T, and 3.5T small commercial vehicles.
The company has confirmed orders for over 3,300 electric buses from state governments, municipal corporations, and private commercial fleets. Its Pune e-bus manufacturing unit currently produces 200–250 buses per month, with plans to increase capacity to 500 buses per month by FY26. Additionally, EKA Mobility has an order book of 3,000 e-buses and 1,000 SCVs.
In FY24, EKA Mobility’s operating revenue jumped nearly 12 times to ₹53 crore from ₹2.90 crore in the previous year. India’s EV ecosystem is rapidly growing, with the market projected to become a $132 billion opportunity by 2030. Since 2014, the country’s EV startups have attracted $3.7 billion in funding, with over 120 funded EV startups currently operating in India.
