EKA Mobility Secures ₹500 Crore from India-Japan Fund to Power New Electric Bus Plant in Pithampur

Key Highlights

• India-Japan Fund invests ₹500 crore in EKA Mobility.

• New electric bus manufacturing plant to open in Pithampur.

• Production capacity to rise from 2,500 to 8,000 buses annually.

• Over 3,300 electric buses have already been ordered by public and private buyers.

• Total funds raised so far cross ₹1,050 crore.

EKA Mobility, one of India’s leading electric commercial vehicle makers, has secured a major investment of ₹500 crore from the India-Japan Fund (IJF), managed by the National Infrastructure Investment Fund (NIIF). This funding aims to strengthen India’s electric vehicle (EV) ecosystem and boost sustainable mobility initiatives across the country.

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With the newly secured funds, EKA Mobility plans to significantly scale up its electric bus manufacturing capabilities. The company will use most of the investment to set up a state-of-the-art manufacturing facility in Pithampur, Madhya Pradesh, which is expected to be operational in the first quarter of the next fiscal year.

Founder and Chairman Sudhir Mehta stated that this capital infusion will allow EKA Mobility to expand manufacturing capacity, enhance R&D operations, and improve supply chain infrastructure. The expansion will also help the company cater to both domestic and global markets more efficiently.

Electric Bus Production Capacity to Double

EKA Mobility currently operates two manufacturing facilities in Pune, one dedicated to electric buses and another for small commercial vehicles. With the new Pithampur plant, the company plans to double its annual production capacity from 2,500 to between 6,000 and 8,000 electric buses.

India-Japan Fund’s Focus on Green Mobility

Krishna Kumar, Partner and Fund Head at India-Japan Fund, said that this investment aligns with the fund’s goal to support climate-positive projects and promote collaboration between India and Japan in green technology.

Strong Order Book and Industry Recognition

EKA Mobility has already delivered 500 electric buses and secured confirmed orders for over 3,300 units. These include contracts from state transport departments, municipal corporations, and private fleet operators.

The company has so far raised a total of ₹1,050 crore from its shareholders, including VDL Groep (Netherlands), Mitsui Corporation (Japan), and ENAM Holdings (India). EKA Mobility, a subsidiary of Pinnacle Industries, is also among the three EV manufacturers eligible for the government’s Production-Linked Incentive (PLI) scheme for electric buses and auto components.

About NIIF and India-Japan Fund

The National Infrastructure Investment Fund (NIIF) is India’s sovereign-anchored alternative asset manager. It manages equity capital commitments worth $4.9 billion across four key sectors, infrastructure, private markets, growth equity, and climate investments. The India-Japan Fund, a part of NIIF, primarily focuses on climate investments and strengthening India-Japan economic cooperation.

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CMV360 Says

This ₹500 crore investment marks a major milestone for EKA Mobility and India’s EV industry. With the new Pithampur plant and expanded production capacity, the company aims to strengthen its presence in both domestic and international markets. Backed by strong investor confidence and government support, EKA Mobility is set to play a vital role in advancing India’s sustainable transport future and supporting the country’s vision of cleaner, more efficient, and eco-friendly mobility solutions.