EKA Mobility Raise $57 million in a Series A Funding Round

In less than 5 months of its previous round, electric vehicle manufacturer EKA Mobility has raised Rs 500 crores ($57 million) in a Series A round led by the NIIF India-Japan Fund (IJF) to support its growth plans.

Founded in 2022, EKA Mobility, a subsidiary of Pinnacle Industries, primarily focuses on developing electric commercial vehicles using in-house R&D and technological capabilities.

The company’s portfolio of sustainable mobility spans electric buses (7m, 9m, and 12m variants), intercity coaches, 3-wheeler passenger and cargo vehicles, heavy-duty trucks (55T and 7T) and small commercial vehicles in the 1.5T, 2.5T, and 3.5T categories. 

Along with Tata Motors and Volvo Eicher Commercial Vehicles, EKA Mobility is the third company qualified for subsidies for electric buses under the government’s PLI scheme for automobiles and auto parts. This qualification will give the company an edge in a competitive market. 

EKA Mobility has confirmed orders for over 3,300 electric buses across state government, municipal, and private fleets in India. The company is also exploring markets in Africa. 

Earlier this month, EKA Mobility signed an agreement with Ethiopia’s Kerchanshe Trading PLC to establish an assembly plant for EKA vehicles in the East African region.

In June 2025, Pune-based EKA Mobility raised Rs 200 crore (~ $23 million) in a funding round from private equity firm ENAM Holdings. The company plans to use the funding to bolster its manufacturing capacity, research and development capabilities, and supply-chain infrastructure.

This is the third investment made by India-Japan Fund (IJF), a strategic bilateral partnership between the Indian government and the Japan Bank for International Cooperation, a Japanese public financial institution.

The fund seeks to invest in companies in green sectors and traditionally high GHG-emitting sectors, which are proactively focusing on a low-carbon emission strategy.

Apart from EKA Mobility, IJF investments include Mahindra Last Mile Mobility Limited (MLMM), which houses Mahindra & Mahindra Group’s last-mile mobility business, and Ather Energy, an electric two-wheeler company that went public this year.