Team Startupcity

• EKA Mobility secures funding from ENAM Holdings to scale manufacturing and push toward unicorn status.
• Third plant in Madhya Pradesh to boost capacity to 5,000 EVs/month.
• 3,000 buses on order; targets 2,500 deliveries this fiscal and 1,000 buses/month run rate next year.

EKA Mobility, an electric vehicle maker, has raised Rs200 crore in funding from private equity player ENAM Holdings as part of a strategic push to expand operations and move towards becoming a unicorn. The money was raised in the form of convertible preference shares and will largely be employed in scaling up EKA's production capacity.

"This fundraise is an important milestone in our journey," stated Sudhir Mehta, Founder and Chairman of EKA Mobility. "With our internal growth path, we feel this infusion will make EKA a unicorn company in the near future."

Pune-headquartered EKA is scaling up its manufacturing presence aggressively with plans for three plants. Two of its plants are currently in production  one in Pune, which is in its first phase of electric bus manufacturing, and another in Chakan. A third plant is being built in Madhya Pradesh, which is expected to start operations by the end of this year. When fully operational, the new plant will gradually scale up in phases to a capacity to produce up to 5,000 vehicles every month.

EKA's ambitious mission is to build India's largest fleet of commercial EVs across both passenger and cargo transportation. In the next two years, the company aims to launch a versatile range that comprises three-seaters, 125-seater electric buses, and cargo carriers from 0.5 tonnes to 55 tonnes.

The firm has an order book of 3,000 buses at present, mostly from state transport undertakings and private fleet operators, and aims to deliver 2,000-2,500 units in the ongoing fiscal year. EKA aims for a monthly production run rate of 1,000 buses by next year.

Despite the momentum, the company is navigating global supply chain challenges especially in sourcing rare earth magnets critical for EV motors. “It’s a concern because China dominates this segment,” Mehta noted. “We’re working closely with the government and industry stakeholders to ensure long-term supply chain resilience.

With firm support, a growing manufacturing footprint, and a defined plan for product diversification, EKA Mobility is well-positioned to play a leadership role in India's electric mobility revolution.