Pune-based EKA Mobility has secured Rs 200 crore from Japan’s Mitsui & Company, marking a significant investment aimed at expanding EKA’s electric vehicle (EV) production capabilities. This funding will facilitate the commissioning of a third manufacturing facility within the next 12-18 months, focusing on electric buses and light commercial vehicles.
In December of the previous year, EKA formed a long-term partnership with Mitsui and Dutch technology firm VDL Group. This collaboration entails joint investments amounting to $100 million (approximately Rs 850 crore), encompassing equity and technological cooperation. Under this agreement, EKA Mobility benefits from Mitsui’s financial support and VDL Groep’s technological and equity partnership.
Sudhir Mehta, Founder of EKA Mobility (Pinnacle Mobility Solutions), commented on the latest investment tranche, stating, “The continued investment support will enable us to accelerate our growth trajectory, bring innovative EV solutions to market faster, and further our mission to create a sustainable and green transportation ecosystem.”
The funds from Mitsui will be allocated towards capital expenditure, working capital, and the expansion of manufacturing and product development, according to EKA’s official statement. Hiroshi Takeuchi, Deputy General Manager of Mobility Business Unit 1 at Mitsui, expressed enthusiasm about the partnership, saying, “EKA Mobility has demonstrated strong growth and innovation in the EV space, and we are excited to support their continued success. We look forward to utilizing Mitsui’s global network to promote exporting EKA’s competitive products to overseas markets.”
EKA Mobility specializes in the development and manufacturing of commercial electric vehicles. Their product lineup includes electric buses in the 7-meter, 9-meter, and 12-meter categories, intercity coaches, and electric light commercial vehicles. This investment is poised to significantly bolster EKA’s production capabilities and market reach, driving the company towards becoming a leading global OEM in India’s EV sector.
