Electric vehicle (EV) manufacturer EKA Mobility has successfully closed a Series A funding round, raising a substantial $57 million. This significant investment was led by the NIIF India-Japan Fund (IJF), underscoring growing confidence in India's burgeoning electric mobility sector. The capital infusion is strategically earmarked for several key areas essential for the company's growth and expansion. EKA Mobility plans to allocate these funds towards enhancing its manufacturing capacity, bolstering its research and development (R&D) capabilities, and fortifying its supply-chain infrastructure. Additionally, a portion of the investment will be directed towards intensifying marketing efforts, both within the domestic Indian market and across international territories.

Krishna Kumar, partner and fund head of the India-Japan Fund, articulated the rationale behind the investment, stating that it reflects their continued belief in India's electric mobility potential and the capacity of indigenous original equipment manufacturers (OEMs) to drive transformative change. The IJF's broader mission includes supporting enterprises that are pivotal in India's transition towards a low-carbon economy, while also fostering robust India-Japan business partnerships. This investment aligns with the fund's overarching objective to invest in climate technology and provide increased financial backing to companies operating within the India-Japan corridor.

Dr. Sudhir Mehta, founder and chairman of EKA Mobility, echoed these sentiments, highlighting the crucial timing of the investment. He emphasized that NIIF's support is vital as the company moves to expand operations, strengthen its R&D initiatives, and accelerate the widespread adoption of electric mobility throughout India. Mehta underscored their shared vision of developing sustainable, inclusive, and future-ready transportation solutions. EKA Mobility operates as a subsidiary of Pinnacle Industries, a company known for providing a wide range of components to OEMs, from vehicle interiors to EV parts. The company's diverse shareholder base also includes Netherlands-based VDL Groep and Japan's Mitsui & Co.

EKA Mobility has already demonstrated strong market traction, having secured orders for over 3,300 electric buses from various state governments, municipal corporations, and private commercial fleets. Their comprehensive vehicle portfolio extends beyond buses, encompassing three distinct variants of electric buses, intercity coaches, three-wheeler passenger and cargo vehicles, heavy-duty trucks, and small commercial vehicles available in 1.5-tonne, 2.5-tonne, and 3.5-tonne categories. Notably, EKA Mobility previously made headlines in 2025 by receiving the largest seed funding round of the year, amounting to $23 million, which was led by Enam Holdings in April.