June 23, 2025: EV Bus manufacturer EKA Mobility has raised ₹200 crore in fresh funding from ENAM Holdings, marking a major leap in the company’s growth journey. The capital infusion, structured as convertible preference shares, is set to propel EKA toward unicorn status, according to founder Sudhir Mehta.
The environment-focused startup plans to channel the funds into expanding its manufacturing footprint. Currently operating two plants, one in Pune and another in Chakan, EKA has now broken ground on its third facility in Madhya Pradesh, which is expected to be fully operational by end-2025.
EKA Mobility, Unicorn Tag in Sight
“Our Pune facility is entering its second operational phase shortly. By 2026, we’re targeting a monthly output of 1,000 buses, with the upcoming plant designed to scale to 5,000 vehicles per month in stages,” Mehta shared.
EKA’s roadmap includes an ambitious expansion of its product line, catering to both passenger and cargo segments. Over the next two years, the company will roll out electric passenger vehicles ranging from compact 3-seaters to large 125-seater buses, alongside goods carriers from 0.5-tonne to 55-tonne capacity.
To mitigate supply chain risks, particularly in rare earth materials critical for EV motors, EKA Mobility and its vendors have pre-stocked essential components. “China dominates the rare earth space, so we’ve taken proactive steps and are actively working with the government through industry forums,” Mehta added.
The company currently holds an order book of over 3,000 electric buses, with firm orders from state governments and private fleet operators. It aims to deliver 2,000–2,500 buses this financial year, as it gears up to offer India’s broadest electric commercial vehicle portfolio by 2026.
