EKA Mobility Secures ₹200 Crore Funding to Accelerate EV Manufacturing Expansion
EKA Mobility Secures ₹200 Crore Funding to Accelerate EV Manufacturing Expansion
Electric vehicle (EV) manufacturer EKA Mobility has successfully completed a fresh round of funding in the amount of ₹200 crore from private equity firm ENAM Holdings, a strategic investment that underpins the company’s stated intention of being a leader in the commercial EV sector in India.
The investment was made in the form of convertible preference shares and the proceeds will be used mainly to build EKA’s production infrastructure and help the Company on its continued expansion journey. “This fundraise is a significant milestone in our journey,” said Sudhir Mehta, Founder and Chairman of EKA Mobility. “We believe this brings us a step closer to achieving unicorn status.”
Manufacturing Scale-Up Across India
Headquartered in Pune, EKA is aggressively expanding its manufacturing footprint. The company currently operates two plants — one in Pune, where it has initiated bus production, and another in Chakan, a key automotive hub. A third plant is under construction in Madhya Pradesh, slated for completion by the end of this year. Once operational, the new facility is expected to gradually ramp up to a monthly capacity of 5,000 vehicles.
Diverse Commercial EV Portfolio in the Pipeline
EKA’s vision includes creating India’s largest commercial EV portfolio, including launching a comprehensive range of models, the types of products planned to be launched over the next two years includes three-seater vehicles, 125-seater electric buses as well as a complete realm of electric goods carriers, with capacities ranging from 0.5 tonnes to 55 tonnes. The breadth of the offering will be suited for urban transport systems as well as logistics operators.
Currently, EKA’s order book has 3,000 buses, mostly attributed from state transport undertakings and private fleet operators, and expects to deliver 2,000 – 2,500 buses during this fiscal, with the ambitious target of achieving a production run rate of 1,000 buses a month next year to become a volume player in the commercial EV space.
Tackling Global Supply Chain Risks
Amid its growth, EKA is dealing with global supply chain headwinds, in particular for the rare earth magnets, which are an essential part of EV motors. “The monopolization by China means we are at risk of lost supply,” Mehta commented. “We are proactively working collaboratively with government partnerships as well as some industry partners to now ensure access to raw materials for the long term.”
With a healthy pipeline, increasing capacity, and strategic support, EKA Mobility is ready to remake the future of India’s commercial EV space.
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