EKA Mobility, an electric vehicle (EV) company based in Pune, has raised ₹200 crore from private equity firm ENAM Holdings. This funding is a big step for the company as it aims to become a unicorn — a startup valued at over $1 billion.
The money was raised through convertible preference shares. EKA Mobility will use these funds to grow its manufacturing setup and improve production. Sudhir Mehta, the founder and chairman of EKA Mobility, said, “This fundraise is a big milestone in our journey. We believe it will help us become a unicorn soon.”
EKA is growing fast and already has two manufacturing plants. One is in Pune, where they have started making electric buses. The second plant is in Chakan. A third plant is being built in Madhya Pradesh and is expected to be ready by the end of this year. Once all three plants are running, EKA will be able to produce up to 5,000 vehicles every month.
The company has big plans for the future. It wants to become India’s largest maker of electric commercial vehicles. This includes electric buses and trucks used to carry goods. In the next two years, EKA plans to launch many types of vehicles — from small three-seaters to large 125-seater buses, and goods carriers ranging from half-tonne to 55-tonne capacity.
EKA’s growth shows that the electric vehicle market in India is expanding fast, and companies like EKA are helping the country move towards a cleaner and greener future.
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