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Time of India
03-05-2025
- Automotive
- Time of India
E-bus maker Eka Mobility raising ₹200-300 crore from Enam Holdings
New Delhi: Eka Mobility , a Pune-based manufacturer of electric buses and light commercial vehicles, is in the process of raising ₹200-300 crore from private equity firm Enam Holdings to fund its expansion plans, people in the know said. This deal under a convertible structure could give the company a near unicorn status with a valuation of close to $1 billion, if it attains certain specified targets, they said. 'There is a range associated with the valuation, which can touch as high as that of a unicorn if certain performance metrics are met. The holding structure will be determined accordingly,' a senior industry executive said on the condition of anonymity. Eka Mobility and Enam Holdings declined to comment. Prior to this, Eka Mobility had raised ₹1,000 crore from promoters (Sudhir Mehta-led Pinnacle Industries), as well as Japan's Mitsui & Co and VDL Groep of the Netherlands. Eka Mobility has a strategic partnership with Mitsui and VDL Groep to manufacture electric buses and light-commercial vehicles in India. 'The entire resources being raised will be invested in the company. The company has a strong order book and will use the capital to expand manufacturing capacity,' the industry executive said. The company has the capacity to manufacture 2,500 electric buses and 20,000 small commercial vehicles a year at its facilities in Pune. Plans are in place to double the capacity for electric buses at Pune by fiscal 2027. One of the commercial vehicle manufacturers approved under the Champion OEM and EV component manufacturing schemes of the auto production-linked incentive policy, Eka Mobility also has a mid-term plan to build a third plant at Pithampur in Madhya Pradesh with a capacity to manufacture 5,000 electric buses a year. According to the company, it currently has an order book of more than 3,000 e-buses, including 2,125 from Convergence Energy Services Ltd under the PM e-Bus Sewa scheme. The order list includes 750 e-buses for Andhra Pradesh, 675 for Rajasthan and 205 for Chhattisgarh. It also has orders for 1,500 e-buses from the Uttar Pradesh State Road Transport Corporation, the Nagpur Municipal Corporation and other private orders combined. Eka Mobility has established a presence in Africa for future local assembly and sales. It is also in advanced discussion with Latin American and Asean countries to scale up operations. Axis Capital is advising Eka Mobility on the fundraising.
Time of India
02-05-2025
- Automotive
- Time of India
E-bus maker Eka Mobility raising ₹200-300 crore from Enam Holdings
New Delhi: Eka Mobility , a Pune-based manufacturer of electric buses and light commercial vehicles, is in the process of raising ₹200-300 crore from private equity firm Enam Holdings to fund its expansion plans, people in the know said. This deal under a convertible structure could give the company a near unicorn status with a valuation of close to $1 billion, if it attains certain specified targets, they said. 'There is a range associated with the valuation, which can touch as high as that of a unicorn if certain performance metrics are met. The holding structure will be determined accordingly,' a senior industry executive said on the condition of anonymity. Eka Mobility and Enam Holdings declined to comment. Prior to this, Eka Mobility had raised ₹1,000 crore from promoters (Sudhir Mehta-led Pinnacle Industries), as well as Japan's Mitsui & Co and VDL Groep of the Netherlands. Eka Mobility has a strategic partnership with Mitsui and VDL Groep to manufacture electric buses and light-commercial vehicles in India. 'The entire resources being raised will be invested in the company. The company has a strong order book and will use the capital to expand manufacturing capacity,' the industry executive said. The company has the capacity to manufacture 2,500 electric buses and 20,000 small commercial vehicles a year at its facilities in Pune. Plans are in place to double the capacity for electric buses at Pune by fiscal 2027. One of the commercial vehicle manufacturers approved under the Champion OEM and EV component manufacturing schemes of the auto production-linked incentive policy, Eka Mobility also has a mid-term plan to build a third plant at Pithampur in Madhya Pradesh with a capacity to manufacture 5,000 electric buses a year. According to the company, it currently has an order book of more than 3,000 e-buses, including 2,125 from Convergence Energy Services Ltd under the PM e-Bus Sewa scheme. The order list includes 750 e-buses for Andhra Pradesh, 675 for Rajasthan and 205 for Chhattisgarh. It also has orders for 1,500 e-buses from the Uttar Pradesh State Road Transport Corporation, the Nagpur Municipal Corporation and other private orders combined. Eka Mobility has established a presence in Africa for future local assembly and sales. It is also in advanced discussion with Latin American and Asean countries to scale up operations. Axis Capital is advising Eka Mobility on the fundraising.
Time of India
02-05-2025
- Automotive
- Time of India
E-bus maker Eka Mobility raising Rs 200-300 crore from Enam Holdings
Prior to this, Eka Mobility had raised Rs 1,000 crore from promoters (Sudhir Mehta-led Pinnacle Industries), as well as Japan's Mitsui & Co and VDL Groep of the Netherlands. Eka Mobility, an electric vehicle manufacturer, is reportedly raising Rs 200-300 crore from Enam Holdings to fuel its expansion plans. The deal, structured as a convertible, could potentially elevate the company to near unicorn status, contingent on achieving specific performance targets. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: Eka Mobility , a Pune-based manufacturer of electric buses and light commercial vehicles, is in the process of raising Rs 200-300 crore from private equity firm Enam Holdings to fund its expansion plans, people in the know deal under a convertible structure could give the company a near unicorn status with a valuation of close to $1 billion, if it attains certain specified targets, they said.'There is a range associated with the valuation, which can touch as high as that of a unicorn if certain performance metrics are met. The holding structure will be determined accordingly,' a senior industry executive said on the condition of Mobility and Enam Holdings declined to to this, Eka Mobility had raised Rs 1,000 crore from promoters (Sudhir Mehta-led Pinnacle Industries), as well as Japan's Mitsui & Co and VDL Groep of the Mobility has a strategic partnership with Mitsui and VDL Groep to manufacture electric buses and light-commercial vehicles in India.'The entire resources being raised will be invested in the company. The company has a strong order book and will use the capital to expand manufacturing capacity,' the industry executive company has the capacity to manufacture 2,500 electric buses and 20,000 small commercial vehicles a year at its facilities in Pune. Plans are in place to double the capacity for electric buses at Pune by fiscal of the commercial vehicle manufacturers approved under the Champion OEM and EV component manufacturing schemes of the auto production-linked incentive policy, Eka Mobility also has a mid-term plan to build a third plant at Pithampur in Madhya Pradesh with a capacity to manufacture 5,000 electric buses a to the company, it currently has an order book of more than 3,000 e-buses, including 2,125 from Convergence Energy Services Ltd under the PM e-Bus Sewa scheme. The order list includes 750 e-buses for Andhra Pradesh, 675 for Rajasthan and 205 for Chhattisgarh. It also has orders for 1,500 e-buses from the Uttar Pradesh State Road Transport Corporation, the Nagpur Municipal Corporation and other private orders Mobility has established a presence in Africa for future local assembly and sales. It is also in advanced discussion with Latin American and Asean countries to scale up operations. Axis Capital is advising Eka Mobility on the fundraising.
India Today
29-04-2025
- Automotive
- India Today
Eka to deploy 675 electric buses across Rajasthan
Electric vehicle (EV) manufacturer Eka Mobility has received the Letter of Award (LOA) in consortium with Chartered Speed for deploying 9-metre and 12-metre electric buses across Rajasthan under the PM e-Bus Sewa large-scale deployment will span eight major cities -- Jaipur, Kota, Udaipur, Ajmer, Alwar, Bikaner, Bhilwara and Jodhpur. The order includes 565 9-metre and 110 12-metre electric LOA for Rajasthan's 675 electric buses follows the issuance of Letter of Confirmation of Quantity (LOCQ) by Convergence Energy Services Ltd (CESL) for electric buses across India. "This win reinforces our belief that electric mobility is not just the future, it is the present. Rajasthan's bold move toward electrification aligns perfectly with our vision of transforming how millions commute daily and accelerating India's transition to a cleaner, more sustainable future," said Rohit Srivastava, Business Head and Chief Growth Officer, Eka Mobility."This reflects our commitment to a greener, more efficient transport network. Through the PM e-Bus Sewa Scheme, we are transitioning to an electric fleet that will transform urban mobility. Our goal is to lead the shift to a low-carbon future and offer commuters cleaner, smarter travel options shaping a more connected and sustainable India," said Sanyam Gandhi, Whole-Time Director, Chartered order comes shortly after Eka secured two major contracts worth approximately Rs 150 crore from the Uttar Pradesh State Road Transport Corporation (UPSRTC) and an order for approximately Rs 400 crore from the Nagpur Municipal Corporation (NMC).Subscribe to Auto Today Magazine
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Business Standard
25-04-2025
- Automotive
- Business Standard
Eka Mobility aims to manufacture 10,000 e-buses annually by FY27
Eka Mobility, a startup turned original equipment manufacturer (OEM) that makes electric vehicles (EVs), is targeting to ramp up production of e-buses to 10,000 by 2026-27, founder and chairman Sudhir Mehta told Business Standard. According to Mehta, Eka plans to bring in a new product every six months across its commercial vehicle (CV) segments. This is being envisioned as the company is focusing on supply chain management and readying one million square feet of manufacturing space across its three plants. It is expanding its research and development (R&D) and technology centre at the Chakan plant in Pune. 'To contribute to the government's EV push, considering the extremely low penetration of e-buses in the country, we are ramping up our e-bus production capacity to 10,000 in our Koregaon and Pithampur plants by FY27,' Mehta said in an interview. The current capacity at the Koregaon-Bhima unit in Pune is about 2,500 a year, which is expected to increase to 5,000 by FY27. Once operational by FY27, the Pithampur, Madhya Pradesh facility is set to manufacture another 5,000 units annually. Meanwhile, Eka has bagged an order for 2,125 e-buses from the Centre under its PM e-Bus Sewa scheme. The order list includes 750 e-buses for Andhra Pradesh, 675 for Rajasthan and 205 for Chhattisgarh. This is in addition to its previous order of 1,500 e-buses from Uttar Pradesh State Road Transport Corporation (UPSRTC) and Nagpur Municipal Corporation. Launched in August 2023, PM e-Bus Sewa Scheme is aimed at augmenting the bus operations by deploying 10,000 e-buses on the public-private partnership (PPP) model across the country. The e-bus and small electric CV manufacturer now aims to hold the largest electric commercial vehicle portfolio in the country. It plans to create an initial annual capacity of 24,000 vehicles across all truck segments (small CVs to e-trucks). Elaborating on the plan, Mehta said, 'Heavier trucks are under trial and testing at the moment. Commercial launch of these will be before September. The trial and validation process takes almost six months to one year.' 'We will have trucks small to large, from three-wheelers to heavy trucks. For the next 12-18 months, we plan to have the largest fully available electric commercial vehicle portfolio in the country. A new product will be coming every 4-6 months,' he said. On a similar line, Eka also plans to roll out its new 18-metre articulated coach with 125-seater e-buses in the next 12 months. At present, it has a variety of e-buses in the 7-metre, 9-metre and intercity coach segments. The company's head confirmed that Eka is eyeing the e-ambulance market. It plans to roll out e-ambulances as part of its product range over the next year or so. According to Mehta, Eka took the longer route for developing technologies in India with its partners. He said, 'We are creating a supply chain with 100 per cent localisation which took us 4-5 years. Now, you will see us coming with a new product almost every 4-6 months over the next 1-2 years. And, all our products will be available for commercial sale.' When asked about Eka's estimated revenue by FY30, Mehta added, 'We began production 3-4 four months ago. We can estimate once we start selling. If each bus is about ₹1 crore and we do 2,000 buses in 12 months, that's ₹2,000 crore. Trucks will add additional revenue.'
