India-Japan Fund invests ₹500 crore in electric vehicle maker Eka Mobility

The investment by NIIF-managed India-Japan Fund will help Eka Mobility scale manufacturing, boost R&D, and expand its global footprint in the EV segment

India-Japan Fund (IJF), a fund managed by National Investment and Infrastructure Fund Limited (NIIF), has invested ₹500 crore in Eka Mobility, a leading electric vehicle manufacturer focusing on commercial vehicles.

 

This aligns with IJF’s objective to invest in the climate segment and further accelerate investments in the India-Japan corridor.

 

The capital infusion from IJF is expected to support Eka Mobility’s plans to increase its manufacturing capacity and advance research and development initiatives. It will also help improve the company’s supply chain infrastructure and enhance its marketing efforts in domestic and international markets.

 

“The investment comes at a crucial time as we expand operations, strengthen our R&D, and accelerate the adoption of electric mobility across India,” said Sudhir Mehta, founder and chairman of Eka Mobility.

   

Eka Mobility, a subsidiary of Pinnacle Industries, has one of the widest ranges of electric commercial vehicles developed with in-house R&D and technological capabilities. This is supported by indigenous software and engineering expertise. 

 

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

 

Eka Mobility’s existing shareholders include VDL Groep (Netherlands), Mitsui & Co. Ltd (Japan), and ENAM Holdings (India).

 

Makoto Uchida, senior managing director at Japan Bank for International Cooperation (JBIC) and executive director at JBIC IG Partners, said, “Together with our partner NIIF, the JBIC group—including our subsidiary JBIC IG Partners, which supports NIIF in promoting Japanese investments in India through the IJF initiative—will continue to contribute to deepening the bilateral relationship between India and Japan.”

 

The collaboration between NIIF and Eka Mobility aligns with the Government of India’s objectives on the electrification of public transport and the promotion of domestic manufacturing under the Make in India and Atmanirbhar Bharat initiatives.

 

The company’s portfolio of zero-emission vehicles spans electric buses, intercity coaches, three-wheeler passenger and cargo vehicles, heavy-duty trucks, and small commercial vehicles. Eka Mobility has confirmed orders for over 3,300 electric buses as part of state government procurements, municipal corporation contracts, and private commercial fleets.