EKA Mobility, a Pune-based electric vehicle (EV) manufacturer and a subsidiary of Pinnacle Industries, has raised USD 57 million (~INR 500 crore) from the India-Japan Fund (IJF), managed by the National Investment and Infrastructure Fund (NIIF). The investment marks a pivotal step for the company’s growth trajectory in the rapidly expanding Indian EV ecosystem.
Strategic Investment to Power Manufacturing and R&D
The infusion of fresh capital will be strategically deployed to expand manufacturing capacity, advance research and development, strengthen supply chain infrastructure, and enhance marketing efforts across both domestic and international markets.
According to Dr. Sudhir Mehta, Founder and Chairman of EKA Mobility, “This investment comes at a crucial time as we expand operations, strengthen our R&D, and accelerate the adoption of electric mobility across India. NIIF’s support reinforces our shared vision of creating sustainable, inclusive, and future-ready transportation solutions.”
The company is in the process of establishing its third manufacturing facility in Pithampur, Madhya Pradesh, which is expected to become operational in the first quarter of the next fiscal year. Once commissioned, this plant will double EKA Mobility’s annual production capacity for electric buses—from 2,500 units currently to 6,000–8,000 units.
EKA’s existing facilities in Koregaon Bhima (Pune) manufacture electric buses and small commercial vehicles, with the e-bus unit capable of producing 200–250 buses per month, a capacity the company aims to double by the end of FY 2025–26.
Expanding India’s Electric Mobility Ecosystem
Krishna Kumar, Partner and Fund Head at IJF, highlighted that the investment aligns with the fund’s broader climate and sustainability objectives:
“Our investment in EKA Mobility reflects our confidence in India’s electric mobility potential and the capability of homegrown OEMs to drive meaningful change in the market. IJF supports enterprises shaping India’s journey to a low-carbon economy while strengthening India-Japan business partnerships.”
The India-Japan Fund, with a corpus of INR 4,900 crore, is a bilateral initiative jointly held by the Government of India (49%) and the Japan Bank for International Cooperation (51%). It focuses on climate-aligned sectors such as renewable energy, e-mobility, waste management, and sustainable infrastructure—positioning EKA Mobility as a critical player in India’s EV transformation.
Makoto Uchida, Senior Managing Director at JBIC and Executive Director at JBIC IG Partners, emphasized that the collaboration between NIIF and JBIC underlines the strengthening of the India-Japan corridor, particularly in green mobility and industrial innovation.
A Diverse and Expanding Product Portfolio of EKA Mobility
EKA Mobility’s product range is among the broadest in India’s EV commercial segment. Its zero-emission portfolio includes:
- Electric buses in 7m, 9m, and 12m variants
- Intercity coaches
- Three-wheeler passenger and cargo vehicles
- Heavy-duty trucks (55T and 7T models)
- Small commercial vehicles across 1.5T, 2.5T, and 3.5T categories
The company has also developed indigenous R&D and software capabilities, enabling localized production and technological innovation consistent with the government’s Make in India and Atmanirbhar Bharat initiatives.
Strong Order Book and Market Position
EKA Mobility’s market traction is underscored by a robust order book exceeding 3,300 electric buses, placed by state transport undertakings, municipal corporations, and private fleet operators. As of FY 2024, the company had delivered around 500 e-buses, with production expected to scale rapidly as new facilities come online. The company is among only three out of 18 EV manufacturers to qualify for incentives under the Government of India’s Production-Linked Incentive (PLI) scheme for automobiles and auto components.
Investor Confidence and Previous Funding
The latest round brings EKA Mobility’s total funding to around INR 1,050 crore, following previous investments from ENAM Holdings (India), VDL Groep (Netherlands), and Mitsui & Co. (Japan). In June 2025, EKA secured INR 200 crore from ENAM Holdings to expand its e-bus manufacturing capabilities, setting the stage for this larger capital infusion.
Industry analysts note that this funding milestone not only underscores investor faith in the company’s operational excellence but also cements its position as a leading domestic player in the commercial EV segment.
Driving India’s Green Mobility Ambition
The partnership between EKA Mobility and the India-Japan Fund comes amid a surge in public and private interest in electric public transport. India’s EV market—projected to become a USD 132 billion opportunity by 2030—has already attracted USD 3.7 billion in funding since 2014, with over 120 active and funded EV startups.
EKA’s expansion coincides with the rollout of the government’s PM E-Drive initiative, aimed at deploying 10,900 electric buses nationwide. The company’s growing capacity and strong partnerships position it to play a central role in this national transformation.
Outlook: From India to the World
EKA Mobility’s evolution from a domestic OEM to a global EV manufacturer reflects India’s broader transition toward sustainable industrial growth. The company’s blend of in-house engineering, international partnerships, and strategic capital access through the India-Japan corridor positions it to capture both local and export markets.
As the global automotive landscape shifts toward electrification, EKA Mobility’s INR 500 crore raise signals not just expansion—but a strategic move to cement India’s leadership in sustainable commercial transportation. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.