Pune-based electric vehicle (EV) manufacturer EKA Mobility is set to raise ₹200–300 crore from Enam Holdings, a prominent private equity firm, to bolster its expansion plans. This strategic investment will enhance EKA’s production capability and establish its position within the rapidly expanding EV market.
Strategic Investment to Drive Expansion
The finance transaction, a convertible deal, has the potential to propel EKA Mobility to near-unicorn value, subject to certain performance milestones. This injection of capital will significantly accelerate the growth trajectory and market value of the company.
Earlier, EKA Mobility had raised ₹1,000 crore from its promoters such as Sudhir Mehta-led Pinnacle Industries and strategic investors such as Mitsui & Co of Japan and Netherlands-based VDL Groep. These partners have benefited EKA greatly on its journey to becoming a top EV maker.
Scaling Up Manufacturing Capabilities
EKA Mobility has its production facilities in Pune with a yearly capacity to manufacture 2,500 electric buses and 20,000 small commercial vehicles. EKA plans to double the capacity of electric bus manufacturing by fiscal 2027. EKA is also planning to establish a third facility in Pithampur, Madhya Pradesh, with the capacity to manufacture 5,000 electric buses annually.
These development plans fit with the vision of EKA to address growing demand for electric mobilitysolutions in India and abroad.
Robust Order Book and Market Presence
EKA Mobility boasts a strong order book exceeding 3,000 electric buses. Notably, the company has secured orders for 2,125 e-buses from Convergence Energy Services Ltd under the PM e-Bus Sewa scheme. Other significant orders include 750 e-buses for Andhra Pradesh, 675 for Rajasthan, and 205 for Chhattisgarh. Furthermore, EKA has received orders for 1,500 e-buses from the Uttar Pradesh State Road Transport Corporation, Nagpur Municipal Corporation, and other private companies.
EKA’s increasing market reach reflects its ability to provide robust and sustainable electric mobility solutions across different geographies.
Global Expansion and Strategic Partnerships
Aside from local growth, EKA Mobility is aggressively pushing for international expansion. The business has created an African presence to support future local sales and manufacturing. EKA is also serious in talks with players in Latin America and ASEAN nations in order to push operations forward.
These global efforts complemented by EKA’s strategic partners Mitsui & Co and VDL Groep in the segments of joint investments, equity, and collaboration on technology. The collaborative venture is to make India a global hub for the manufacturing and purchasing of electric vehicles as per the ‘Make in India’ initiative of the Indian government. Conclusion
EKA Mobility’s recent funding from Enam Holdings is a major milestone in its quest to transform the electric vehicle space. With strong manufacturing capacity, a healthy order book, and strategic global alliances, EKA is poised to drive sustainable and innovative mobility solutions.
