EKA Mobility raises $57 million in Series A round to boost manufacturing

Electric vehicle (EV) manufacturer EKA Mobility has raised a $57 million Series A round led by the NIIF India-Japan Fund (IJF).

The EV maker will use the capital to enhance its manufacturing capacity, research and development capabilities, and supply-chain infrastructure, as well as to focus more on its marketing efforts, both domestically and in international markets.

“Our investment in EKA Mobility continues to reflect our confidence in India’s electric mobility potential and the capability of homegrown OEMs (original equipment manufacturers) to drive meaningful change in the market. IJF is supporting enterprises that are shaping India’s journey to a low-carbon economy and is committed to promoting India-Japan business partnerships,” said Krishna Kumar, partner and fund head of the India-Japan Fund in a statement.

The investment is part of the fund's larger goal to invest in climate technology and boost financial backing to companies working in the India-Japan corridor.

“This investment comes at a crucial time as we expand operations, strengthen our R&D, and accelerate the adoption of electric mobility across India. NIIF’s support reinforces our shared vision of creating sustainable, inclusive, and future-ready transportation solutions,” EKA Mobility founder and chairman Dr Sudhir Mehta said in the statement.

EKA Mobility is a subsidiary of Pinnacle Industries, which creates everything for OEMs—from vehicle interiors to EV components.

Other shareholders in the company include Netherlands-based VDL Groep and Japan's Mitsui & Co.

So far, the EV company has received orders for over 3,300 electric buses from state governments, municipal corporations and private commercial fleets.

EKA's portfolio of vehicles comprises three variants of electric buses, intercity coaches, three-wheeler passenger and cargo vehicles, heavy-duty trucks, and small commercial vehicles across the 1.5 tonne, 2.5 tonne and 3.5 tonne categories.

Notably, EKA Mobility was the recipient of the largest seed funding round so far in 2025. The company raised $23 million in April, led by Enam Holdings.