EV maker EKA Mobility raises Rs 200 crore from ENAM Holdings

Electric vehicle manufacturer EKA Mobility recently raised Rs 200 crore in funding from private equity firm ENAM Holdings, marking a significant step in the company’s ambition to become a unicorn.

The capital has been raised through convertible preference shares and will be used to scale EKA’s manufacturing infrastructure. “This fundraise marks a significant milestone in our journey,” said Sudhir Mehta, founder and chairman of EKA Mobility. “Based on our internal targets, we believe this will elevate EKA to unicorn status in the near future.”

Founded in Pune, EKA is expanding its manufacturing footprint with plans for three facilities. Two plants are already operational — one in Pune, which is currently in the initial phase of bus production, and another in Chakan. A third plant, currently under construction in Madhya Pradesh, is expected to become operational by the end of the year. Once fully functional, the new facility is expected to increase monthly production capacity in phases to up to 5,000 vehicles.

EKA is aiming to build the country’s largest commercial EV portfolio, spanning passenger and goods transport. The company plans to introduce a broad range of models, including three-seaters, 125-seater buses, and goods carriers ranging from half-tonne to 55-tonne capacities over the next two years.

At present, EKA holds an order book of 3,000 buses, mostly from state transport undertakings and private fleet operators. It expects to deliver between 2,000 and 2,500 buses during the current financial year. The company is also targeting a production run rate of 1,000 buses per month by next year.

The company is navigating challenges in global supply chains, particularly in securing rare earth magnets used in EV motors. “It’s a concern because China dominates this segment,” Mehta said. “We are actively engaging with the government as part of an industry-wide effort to ensure long-term supply security.”