EKA Mobility, a developer of electric commercial vehicles, has raised INR 200 billion from private equity firm ENAM Holdings to expand its manufacturing operations. The funding, secured through convertible preference shares, will be used to develop three manufacturing plants as the company scales up commercial electric vehicle (EV) production.
The Pune-based electric vehicle company currently operates two facilities: a bus plant in Pune and another in Chakan. The Pune plant is operating at phase one capacity, with plans to expand to phase two in the coming months. The Chakan facility is fully operational. A third plant, under construction in Madhya Pradesh, is expected to be completed by the end of 2025.
Over the next two years, EKA Mobility plans to broaden its product lineup to include passenger vehicles ranging from three-seaters to 125-seater buses, and goods carriers with capacities from half a tonne to 55 tonnes.
The company currently holds orders for 3,000 buses and anticipates further demand from both state governments and private operators. It plans to deliver between 2,000 and 2,500 buses within the current financial year.
EKA Mobility projects a monthly production capacity of 1,000 buses starting next year. At the upcoming Madhya Pradesh facility, output is expected to scale up in phases to 5,000 vehicles per month.
To address supply chain concerns for critical EV components, the company and its suppliers have built up a stock of rare earth magnets. China is currently the dominant global supplier in this area, and in the short term, the company is engaging intensively with the government through industry bodies to mitigate this dependency.
EKA Mobility, headquartered in Pune, develops electric commercial vehicles including buses and goods carriers, with a focus on expanding its manufacturing capabilities and product range in India’s growing EV sector.