EKA Mobility Raises INR 200 Cr from ENAM Holdings
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Pune-based electric vehicle (EV) manufacturer EKA Mobility has raised INR 200 crore from private equity firm ENAM Holdings in a major funding round that sets the company on course to achieve unicorn status.
The investment, raised via convertible preference shares, will be used to bolster the company's manufacturing capabilities, according to founder and Chairman Sudhir Mehta.
"This fundraise marks a significant milestone in our journey," Mehta said. "Based on our internal targets, we believe this will elevate EKA to unicorn status in the near future."
The startup plans to utilise the capital to expand its manufacturing infrastructure, including the setup of three plants. Two facilities are already operational—one in Pune, currently in phase one of its bus production, and another in Chakan. A third plant is under construction in Madhya Pradesh, expected to go live by year-end.
"The new plant will dramatically increase our monthly production capacity," Mehta noted. "We're targeting up to 5,000 vehicles per month in phases from this facility."
Over the next two years, EKA Mobility aims to roll out an expansive portfolio of commercial EVs, from compact three-seaters to 125-seater buses, and goods carriers ranging from half-tonne to 55-tonne models.
"We aim to offer the largest commercial electric vehicle portfolio in the country," said Mehta. "This includes both passenger and goods transport solutions tailored for India's growing EV ecosystem."
EKA currently holds an order book of 3,000 buses, primarily from state transport departments and private fleet operators. The company plans to deliver between 2,000 and 2,500 buses in the current financial year.
Looking ahead, EKA will ramp up production to 1,000 buses per month by next year.
Amid global supply chain concerns, Mehta acknowledged challenges in sourcing rare earth magnets—essential for EV motors. "It's a concern because China dominates this segment," he said. "We are actively engaging with the government as part of an industry-wide effort to ensure long-term supply security."
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