EKA Mobility Bags INR 200 Cr From Enam Holdings

Pune-based electric vehicle manufacturer EKA Mobility has raised INR 200 Cr (around $23 Mn) in a fresh funding round from Enam Holdings to expand its manufacturing capacity.

Sudhir Mehta, founder and chairman of EKA Mobility, has confirmed the development to Inc42 in a statement. 

Inc42’s queries to Enam Holdings did not elicit any response till the time of publishing the story.

YourStory reported the development first. The report also said that the current fundraise will elevate EKA Mobility to a unicorn status ‘based on achievements of internal targets.’

However, in a response to Inc42’s mail, Mehta said, “We do not wish to divulge details on valuation.”

Mehta also shared that the fresh capital will be deployed to expand its existing e-bus manufacturing in Pune and set up a third manufacturing facility in Pithampur, Madhya Pradesh. 

Founded in 2022 by Mehta, EKA Mobility manufactures e-buses and electric small commercial vehicles (eSVCs). The startup claims to use materials which can be recycled for its operations and has also deployed tech stack in manufacturing units which cuts human labour and logistics run. 

The startup’s e-bus manufacturing unit in Koregaon Bhima in Pune has a capacity of building 200–250 electric buses per month and its aims to double this capacity to 500 units per month by the end of financial year 2025-26 (FY26). 

While EKA’s small commercial vehicle (SCV) and electric truck facility in Chakan, Pune will have an initial output capacity of 2,000 vehicles per month which also houses an EV and R&D facility powered by more than 400 team members. 

EKA’s upcoming facility in Madhya Pradesh, which is going to be its largest one too, will have an initial capacity of 5,000 e-buses per year and will get operational by the end of FY26. 

“By next year, the combined manufacturing capacity across these three sites will be close to 1,000 electric buses per month, alongside a dedicated line for 2,000 SCVs and trucks monthly,” Mehta said. 

The startup claims to have an order book of 3,000 e-buses and 1,000 SCVs. 

According to the standalone financial statements for the financial year 2023-24 (FY24) sourced from Tofler, EKA’s operating revenue jumped almost 12X to INR 53 Cr from INR 2.90 Cr in the previous fiscal year.

However, its net loss for the fiscal year under review skyrocketed 230% to INR 32 Cr from INR 9.79 Cr in FY23. 

The development comes almost after a year EKA Mobility received INR 200 Cr from Japanese trading and investment company Mitsui and Co. Ltd. This was the second tranche of its INR 850 Cr (around $100 Mn) round which also includes commitments from VDL Groep and Pinnacle Industries. The agreement for the funding round was signed in 2023. 

At the time, the startup said that it would deploy the capital to scale up its manufacturing operations, expand product portfolio, and meet its capex and working capital needs. 

This also comes at a time when there is a huge push from the Centre for the adoption of EVs in commercial mobility like buses and trucks. Under the current PM-E Drive scheme which was launched in October last year, the ministry of heavy vehicles has a total outlay of INR 4,391 Cr for manufacturing 14,028 e-busses and will extend INR 500 Cr funding support in production linked schemes for e-trucks. 

According to Inc42’s India’s Electric Vehicle Startup Landscape Report, 2025, India’s EV market will become a $132 Bn opportunity by 2030.