EKA Mobility bags ₹500 crore from India-Japan Fund to build more electric buses and trucks

Commercial electric vehicle manufacturer EKA Mobility has raised ₹500 crore ($57 million) from the India-Japan Fund (IJF), managed by the National Investment and Infrastructure Fund Limited (NIIF).

According to the company, the funding will be used to expand its manufacturing capacity, strengthen the supply chain, boost research and development, and enhance marketing efforts in India and overseas.

EKA Mobility, a subsidiary of Pinnacle Industries, produces a wide range of electric commercial vehicles, including buses, intercity coaches, 3-wheeler passenger and cargo models, heavy-duty trucks, and small commercial vehicles.

The company currently holds confirmed orders for over 3,300 electric buses from state transport undertakings, municipal corporations, and private fleet operators. Existing investors in EKA Mobility include VDL Groep (Netherlands), Mitsui & Co. Ltd. (Japan), and ENAM Holdings (India).

The India-Japan Fund, which has a corpus of ₹4,900 crore, is a bilateral partnership between the Government of India (holding 49%) and the Japan Bank for International Cooperation (JBIC) (holding 51%).

The fund focuses on investments in climate and energy transition sectors such as renewable energy, e-mobility, waste management, and water. It also aims to strengthen economic collaboration between Indian and Japanese companies.

Announcing the investment, Krishna Kumar, Partner and Fund Head at IJF, said the partnership underscores confidence in India’s electric mobility sector and the capability of local manufacturers to drive change.

Makoto Uchida, Senior Managing Director at JBIC and Executive Director at JBIC IG Partners, said, “together with NIIF, JBIC will continue to promote investments that strengthen ties between India and Japan.”.

Sudhir Mehta, Founder and Chairman of EKA Mobility, said, “we are proud to have NIIF as a strategic partner in our growth journey. This investment will help us expand operations, strengthen R&D, and accelerate the adoption of electric mobility across India.”Read about our editorial guidelines and ethics policy