EKA Mobility Raises INR 200 Cr From Enam Holdings to Boost EV Manufacturing
Pune-based EV maker to expand e-bus and commercial vehicle production as it inches toward unicorn status.
Fresh Funding Fuels Expansion Plans
Electric vehicle manufacturer EKA Mobility has raised INR 200 Cr (approx. $23 Mn) from Enam Holdings to expand its manufacturing capacity and scale operations.
- Founder and Chairman Sudhir Mehta confirmed the development, though he declined to disclose the startup’s latest valuation.
- Media reports suggest the fundraise could elevate EKA Mobility to unicorn status, contingent on meeting internal performance targets.
The latest capital infusion comes as India witnesses increased policy support for commercial EV adoption.
Manufacturing Footprint to Double
EKA Mobility, founded in 2022, manufactures electric buses (e-buses) and small commercial vehicles (eSVCs) using recyclable materials and an advanced tech-enabled production stack to reduce human labour and logistics costs.
The funding will fuel expansion at key manufacturing sites:
- Pune (Koregaon Bhima):
- Current e-bus production capacity: 200-250 units/month.
- Target capacity by FY26: 500 units/month.
- Pune (Chakan):
- SCV and electric truck output: 2,000 units/month, with integrated R&D facilities and 400+ staff.
- Pithampur, Madhya Pradesh (Upcoming):
- Largest facility, to be operational by end of FY26.
- Initial capacity: 5,000 e-buses per year.
By FY26, the combined capacity across all sites is projected to be:
- 1,000 e-buses per month.
- 2,000 SCVs and trucks per month.
EKA Mobility claims an order book of 3,000 e-buses and 1,000 SCVs, signalling robust demand.
Financial Growth with Challenges
According to FY24 financials sourced from Tofler:
- Operating revenue soared 12X to INR 53 Cr, up from INR 2.9 Cr in FY23.
- However, net loss widened 230% to INR 32 Cr, reflecting ongoing investments in scaling operations.
The latest funding follows INR 200 Cr raised from Mitsui & Co. Ltd. last year, part of EKA Mobility’s INR 850 Cr round, which also included VDL Groep and Pinnacle Industries.
EV Push Creates Market Tailwinds
The development coincides with India’s aggressive push for commercial EV adoption:
- The PM-E Drive scheme, launched in October 2024, allocates:
- INR 4,391 Cr to support production of 14,028 e-buses.
- INR 500 Cr in production-linked incentives for e-trucks.
According to India EV Startup Landscape Report 2025, the country’s EV market is expected to be a $132 Bn opportunity by 2030.
