Pune-based electric vehicle (EV) manufacturer EKA Mobility has successfully raised Rs 200 crore in a fresh funding round led by private equity firm ENAM Holdings. This capital infusion marks a crucial milestone for EKA as it aggressively scales its manufacturing capabilities and moves closer to achieving unicorn status.
Rs 200 Crore Funding to Boost Manufacturing Infrastructure
The funding was raised through convertible preference shares, and EKA Mobility plans to deploy this capital primarily to expand its production infrastructure. Sudhir Mehta, Founder and Chairman of EKA, expressed optimism about the company’s growth trajectory, stating,
“This fundraise marks a significant milestone in our journey. Based on our internal targets, we believe this will elevate EKA to unicorn status in the near future.”
Expanding Manufacturing Footprint Across India
EKA Mobility currently operates two manufacturing plants — one in Pune and another in Chakan, Maharashtra. The Pune facility is in the initial phase of bus production, while the Chakan plant supports other vehicle assembly operations. A third manufacturing unit is under construction in Madhya Pradesh and is expected to become operational by the end of 2025.
Once the Madhya Pradesh plant is fully functional, EKA aims to ramp up production capacity in phases, ultimately targeting a monthly output of up to 5,000 vehicles. This expansion will enable EKA to meet the growing demand for commercial electric vehicles across India.
Ambitious Plans for India’s Largest Commercial EV Portfolio
EKA Mobility is on a mission to build the country’s largest portfolio of commercial electric vehicles, covering both passenger and goods transport segments. Over the next two years, the company intends to launch a diverse range of models including:
Compact three-seater EVs for last-mile connectivity
Large capacity buses seating up to 125 passengers
Goods carriers with payload capacities ranging from half a tonne to 55 tonnes
This wide product spectrum positions EKA as a comprehensive solution provider catering to various commercial transport needs in India’s evolving EV ecosystem.
Robust Order Book and Production Targets
Currently, EKA holds an order book of 3,000 electric buses, primarily from state transport undertakings and private fleet operators. The company projects to deliver between 2,000 and 2,500 buses in the current financial year (FY 2025). Looking ahead, EKA is targeting a production run rate of 1,000 buses per month by 2026, signaling strong confidence in market demand and operational scalability.
Navigating Supply Chain Challenges with Strategic Government Engagement
One of the key challenges EKA faces is the global supply chain constraint, especially in sourcing rare earth magnets essential for EV motors. China currently dominates this segment, posing a risk to long-term supply security.
Sudhir Mehta highlighted this concern, saying,
“It’s a concern because China dominates this segment. We are actively engaging with the government as part of an industry-wide effort to ensure long-term supply security.”
Such proactive collaboration with policymakers is critical for India’s EV manufacturing ambitions and aligns with the government’s push for self-reliance in strategic sectors.
EKA Mobility: Driving India’s EV Revolution
Founded in Pune, EKA Mobility has quickly emerged as a frontrunner in India’s commercial electric vehicle space. With strong investor backing, a growing product portfolio, and expanding manufacturing capabilities, EKA is well-positioned to capitalize on the accelerating shift towards sustainable transport solutions.
The Rs 200 crore funding from ENAM Holdings not only strengthens EKA’s balance sheet but also underscores investor confidence in the company’s vision to transform India’s commercial mobility landscape.
In summary, EKA Mobility’s recent funding round is a significant leap forward in its journey to become a dominant player in India’s EV market, driving innovation, scale, and sustainability in commercial transportation.