Pune-based electric vehicle (EV) manufacturer, EKA Mobility has raised INR 200 crore (~USD 23 million) in fresh capital from Enam Holdings, a private equity firm. The funding is through convertible preference shares and will take the company to unicorn status if the internal performance milestones are met.
This is the latest development in EKA Mobility’s journey as the company scales up operations across India to meet the growing demand for electric commercial transport solutions.
Use of Funds: Manufacturing Expansion
According to founder and chairman Sudhir Mehta, the capital will be used to scale up production and set up a third manufacturing plant in Pithampur, Madhya Pradesh. The company currently has two plants:
- Koregaon Bhima, Pune – for e-bus production with current capacity of 200-250 units per month and targeting 500 units/month by FY26.
- Chakan, Pune – for small commercial vehicles (SCVs) and electric trucks with a capacity of 2,000 units per month. This plant also has an in-house EV R&D centre with a team of over 400 people.
The third plant in Pithampur is under construction and will be EKA’s largest facility with initial annual capacity of 5,000 e-buses. Mehta expects it to be operational by end of FY26 and the company will be able to produce 1,000 e-buses/month and 2,000 SCVs/month across sites.
Ambitious Product Roadmap
Over the next 24 months, EKA will launch one of India’s largest commercial EV portfolios:
- Passenger transport: From 3-seaters to 125-seater buses.
- Goods carriers: From half-tonne utility EVs to 55-tonne electric trucks.
This puts EKA right in the thick of the fast-growing commercial EV space, a key area of focus for India’s green mobility push.
Order Book and Revenue Growth
EKA Mobility has an order book of 3,000 electric buses and 1,000 SCVs, with orders from state transport departments and private fleet operators. The company plans to deliver 2,000-2,500 buses this year.
The numbers back up the story of a scaling startup:
- FY24 Operating Revenue grew 12X to INR 53 crore, from INR 2.9 crore in FY23.
- But net losses widened to INR 32 crore, up 230% from last year, as costs rise with expansion and R&D investments.
Investor Confidence and Prior Fundraise
This round comes after EKA’s INR 200 crore funding from Mitsui & Co. in 2024, part of an INR 850 crore round with VDL Groep and Pinnacle Industries. Back-to-back rounds show investor confidence in EKA’s long-term story and execution.
Managing Supply Chain Risks
While the company is scaling and innovating, it’s not immune to global supply chain headwinds. A key worry is rare earth magnets, essential for EV motors and dominated by China. Mehta acknowledged the dependency and said EKA is stockpiling and engaging with the Indian government at an industry level to ensure long-term supply security.
Sector Tailwinds: Policy and Market Opportunity
EKA’s growth is happening at a time of strong policy tailwinds. Under the PM-E Drive Scheme, the Indian government has allocated INR 4,391 crore for manufacturing 14,028 e-buses and INR 500 crore for e-trucks. According to some industry reports, the EV market in India is expected to be a USD 132 billion opportunity by 2030.
Final Words
Founded in 2022, EKA Mobility’s rapid rise is a result of the demand-supply gap in electric commercial mobility in India. With a clear roadmap, strong investor backing, expanding manufacturing presence and a diverse product portfolio, the company is not just chasing unicorn status—it’s building the infrastructure to sustain it.
If they meet their internal targets, EKA Mobility will soon join the league of Indian EV unicorns and further electrify the country’s green mobility ecosystem.
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