India’s homegrown electric-vehicle (EV) innovator EKA Mobility has raised INR 500 crore (US$ 57 million) from the India-Japan Fund (IJF), managed by the National Investment and Infrastructure Fund (NIIF), marking a major boost for India’s shift toward sustainable commercial transport.
The investment underscores IJF’s commitment to climate-focused ventures and deepening Japan-India collaboration. For EKA, it cements its position as one of the country’s most advanced electric commercial vehicle manufacturers—with full in-house R&D, proprietary software and modular engineering platforms spanning buses, trucks, and three-wheelers.
Backed by global shareholders Mitsui & Co. Ltd. (Japan), VDL Groep (Netherlands), and ENAM Holdings (India), EKA has rapidly emerged as a technology and design leader in India’s EV ecosystem. Its broad product line—from 7-, 9-, and 12-meter electric buses to 55-ton heavy trucks and last-mile cargo carriers—reflects an ambition to capture the full commercial spectrum. The company already holds confirmed orders for over 3,300 electric buses from state transport and private fleet operators.
With NIIF’s capital, EKA plans to scale its manufacturing footprint, strengthen supply-chain resilience, and accelerate global market entry. The funding also supports advanced research in high-efficiency drivetrains and lightweight modular chassis designs aimed at achieving lower total cost of ownership.
“EKA Mobility exemplifies the potential of Indian OEMs to lead in electric mobility,” said Krishna Kumar, Partner and Fund Head of IJF. “Our investment reinforces confidence in India’s EV transition and the growing technological maturity of domestic manufacturers.”
Dr. Sudhir Mehta, EKA’s founder and chairman, called the partnership “a milestone in India’s clean-transport journey,” adding that NIIF’s backing will “fast-track our goal of creating affordable, zero-emission solutions for emerging markets.”
As India targets full public-transport electrification under Make-in-India and Atmanirbhar Bharat programs, EKA’s vertically integrated platform and multinational partnerships position it at the forefront of a rapidly electrifying mobility landscape.
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