E-bus maker EKA Mobility raises Rs 500 Cr from NIIF’s India-Japan Fund
The company will use the newly raised funds to increase its manufacturing capacity, advance R&D efforts and improve its supply chain infrastructure.
Electric bus maker EKA Mobility on Friday raised Rs 500 crore from the National Investment and Infrastructure Fund (NIIF) managed India-Japan Fund (IJF) amidst rising traction for electric buses in the country.
The company will use the newly raised funds to expand its manufacturing capacity, advance research and development initiatives and improve its supply chain infrastructure.
“We are proud to have NIIF as a strategic partner in our growth journey. This investment comes at a crucial time as we expand operations, strengthen our R&D, and accelerate the adoption of electric mobility across India. NIIF’s support reinforces our shared vision of creating sustainable, inclusive, and future-ready transportation solutions,” said Sudhir Mehta, Founder & Chairman of EKA Mobility.
EKA Mobility last raised Rs 200 crore in June this year from private equity firm ENAM Holdings, marking the firm’s entry into a unicorn status, YourStory had reported.
With this announcement, EKA Mobility becomes the most recent electric bus maker to have raised funding in the last two months. In September, the International Finance Corporation on Thursday said it will provide $137 million in financing to electric bus makers JBM ECOLIFE, part of JBM Auto, and GreenCell Mobility.
”Our investment in EKA Mobility continues to reflect our confidence in India’s electric mobility potential and the capability of homegrown OEMs to drive meaningful change in the market. IJF is supporting enterprises that are shaping India’s journey to a low-carbon economy, and is also committed to promoting India-Japan business partnerships. We are glad to support Eka Mobility's growth in the sustainable commercial transportation segment, wherein it combines its technical, design capabilities and manufacturing infrastructure to take advantage of India's transition in the mobility segment,” said Krishna Kumar, Partner & Fund Head at IJF.
These investments also come at a time when reports have suggested that many state transport corporations and private players have placed huge orders with electric bus makers, paving the way for the country’s 2030 goal of electrifying 40% of all new buses.
Edited by Jyoti Narayan