E-bus maker Eka Mobility raising ₹200-300 crore from Enam Holdings

Time of India

03-05-2025

New Delhi:
Eka Mobility
, a Pune-based manufacturer of
electric buses
and light commercial vehicles, is in the process of raising ₹200-300 crore from private equity firm
Enam Holdings
to fund its expansion plans, people in the know said.
This deal under a convertible structure could give the company a near unicorn status with a valuation of close to $1 billion, if it attains certain specified targets, they said.
'There is a range associated with the valuation, which can touch as high as that of a unicorn if certain performance metrics are met. The holding structure will be determined accordingly,' a senior industry executive said on the condition of anonymity.
Eka Mobility and Enam Holdings declined to comment.
Prior to this, Eka Mobility had raised ₹1,000 crore from promoters (Sudhir Mehta-led Pinnacle Industries), as well as Japan's Mitsui & Co and VDL Groep of the Netherlands.
Eka Mobility has a strategic partnership with Mitsui and VDL Groep to manufacture electric buses and light-commercial vehicles in India.
'The entire resources being raised will be invested in the company. The company has a strong order book and will use the capital to expand manufacturing capacity,' the industry executive said.
The company has the capacity to manufacture 2,500 electric buses and 20,000 small commercial vehicles a year at its facilities in Pune. Plans are in place to double the capacity for electric buses at Pune by fiscal 2027.
One of the commercial vehicle manufacturers approved under the
Champion OEM
and EV component manufacturing schemes of the auto production-linked incentive policy, Eka Mobility also has a mid-term plan to build a third plant at Pithampur in Madhya Pradesh with a capacity to manufacture 5,000 electric buses a year.
According to the company, it currently has an order book of more than 3,000 e-buses, including 2,125 from Convergence Energy Services Ltd under the PM e-Bus Sewa scheme. The order list includes 750 e-buses for Andhra Pradesh, 675 for Rajasthan and 205 for Chhattisgarh. It also has orders for 1,500 e-buses from the Uttar Pradesh State Road Transport Corporation, the Nagpur Municipal Corporation and other private orders combined.
Eka Mobility has established a presence in Africa for future local assembly and sales. It is also in advanced discussion with Latin American and Asean countries to scale up operations.
Axis Capital
is advising Eka Mobility on the fundraising.