Pune-based electric vehicle manufacturer EKA Mobility has raised ₹500 crore ($57 million) in a strategic investment from the National Investment and Infrastructure Fund (NIIF)’s India-Japan Fund.
The fresh capital will be used to enhance manufacturing capacity, boost R&D, expand product offerings, and strengthen supply chain infrastructure.
EKA also plans to set up new manufacturing facilities to meet rising demand across domestic and international markets.
Founded in 2022 by Sudhir Mehta, EKA Mobility operates as a subsidiary of Pinnacle Industries, focusing on the design and production of electric buses and small commercial EVs. The company aims to make zero-emission vehicles more affordable and accessible while supporting India’s transition toward clean, green transportation.
EKA’s product lineup includes electric buses (7m, 9m, and 12m), intercity coaches, 3-wheeler passenger and cargo EVs, and trucks ranging from 1.5T to 55T.
The company has confirmed orders for over 3,300 electric buses from government bodies and private operators, reinforcing its position among India’s leading EV manufacturers.
Currently, EKA’s Koregaon Bhima facility in Pune produces around 200–250 e-buses per month, with plans to double output to 500 units monthly by FY26. A new manufacturing unit is also being established in Pithampur, Madhya Pradesh, as part of its nationwide expansion.
This investment follows a ₹200 crore round from Enam Holdings earlier this year, which helped EKA ramp up production and scale operations. The company’s FY24 operating revenue grew nearly 12X, reaching ₹53 crore, up from ₹2.9 crore in the previous fiscal year — signaling strong market momentum.
Commenting on the development, Sudhir Mehta, Founder and Chairman of EKA Mobility, said,
“This investment comes at a pivotal time as we scale operations, strengthen R&D, and accelerate India’s transition to electric mobility.”
