Strategic Investment from India-Japan Fund to Fuel R&D, Capacity Expansion, and Market Growth in Domestic and International Markets
Major Funding Boost for Homegrown EV OEM
EKA Mobility, a Pune-based electric vehicle (EV) OEM, has secured INR 500 Cr (approx. $57 Mn) in strategic funding from NIIF’s India-Japan Fund. The investment marks a significant milestone in the company’s mission to scale up production and accelerate innovation in India’s growing electric mobility ecosystem.
- This is the second major funding round in recent months, following a INR 200 Cr infusion from Enam Holdings in June 2025.
- The new capital will power manufacturing capacity expansion, advanced R&D, and entry into global markets.
Scaling Production to Meet Soaring Demand
EKA Mobility aims to double its production capacity from 250 to 500 electric buses per month by the end of FY26 at its Koregaon Bhima facility in Pune.
- The startup is also setting up a third plant in Pithampur, Madhya Pradesh, to meet growing demand.
- It currently has confirmed orders for 3,300 electric buses from state governments, municipal bodies, and private fleet operators.
- The order book also includes 1,000 small commercial vehicles (SCVs).
Expanding Product Portfolio for Diverse Markets
Founded in 2022 by Sudhir Mehta, EKA Mobility—a subsidiary of Pinnacle Industries—has developed a comprehensive portfolio of zero-emission vehicles, including:
- Electric buses in 7m, 9m, and 12m variants
- Intercity coaches
- 3-wheeler passenger and cargo EVs
- Heavy-duty electric trucks (55T and 7T)
- SCVs in the 1.5T–3.5T range
These offerings position EKA as a full-spectrum EV player, serving both urban transport needs and commercial logistics.
Strategic Partnerships and Government Backing
EKA Mobility is part of India’s Production-Linked Incentive (PLI) scheme, and has built strategic alliances with Mitsui & Co. and VDL Group, boosting its credibility and global reach.
- The investment from India-Japan Fund supports climate-focused infrastructure and reflects strong bilateral interest in advancing clean mobility solutions.
- IJF’s head Krishna Kumar reiterated confidence in India’s EV future and EKA’s role in shaping it.
Strong Financial Momentum
Backed by rising demand and increased production, EKA’s operating revenue in FY24 surged nearly 12X, reaching INR 53 Cr compared to INR 2.9 Cr in FY23, as per Tofler data.
- The startup’s ability to ramp up revenue, expand operations, and attract back-to-back strategic investments underscores its high-growth trajectory.
A Growing Market with Strong Tailwinds
India’s EV market, projected to reach $132 Bn by 2030, has attracted $3.7 Bn in funding since 2014, supporting over 120 active EV startups.
- Rising consumer awareness, regulatory support, and investor confidence are powering the country’s transition to sustainable transportation.
- EKA’s aggressive growth strategy positions it well to lead the OEM charge in this evolving landscape.
