EKA Mobility, a subsidiary of Pinnacle Industries and a prominent player in the commercial electric vehicle sector, has successfully raised ₹500 crore ($57 million) in funding from the India-Japan Fund managed by the National Investment and Infrastructure Fund (NIIF). This significant capital injection is set to fuel the company's ambitious growth plans in the electric vehicle market.

Funding Details and Allocation

The ₹500 crore investment will be strategically deployed across various aspects of EKA Mobility's operations:

EKA Mobility's Product Portfolio and Order Book

EKA Mobility has established itself as a versatile manufacturer in the electric vehicle space, with a diverse product range that includes:

• Electric buses
• Intercity coaches
• 3-wheelers
• Heavy-duty trucks
• Small commercial vehicles

The company's strong market position is evidenced by its robust order book, which currently stands at over 3,300 confirmed orders for electric buses. These orders come from a mix of clients including state transport undertakings, municipal corporations, and private fleet operators.

Investor Landscape

The India-Japan Fund's investment adds to EKA Mobility's already impressive roster of backers:

About the India-Japan Fund

The India-Japan Fund, which provided this latest round of funding, operates with a substantial corpus of ₹4,900 crore. Its ownership structure reflects a strategic partnership between India and Japan:

The fund's primary focus is on investments related to climate and energy transition, aligning well with EKA Mobility's mission in the electric vehicle sector.

This substantial funding round marks a significant milestone for EKA Mobility, positioning the company for accelerated growth in the rapidly evolving electric vehicle market. As the automotive industry continues its shift towards sustainable transportation solutions, EKA Mobility appears well-equipped to capitalize on the increasing demand for electric commercial vehicles both in India and internationally.

Electric commercial vehicle manufacturer EKA Mobility has taken a significant step towards expanding its presence in East Africa. The company has entered into a strategic partnership with Kerchanshe Trading PLC, a leading Ethiopian firm, to establish distribution, assembly, and after-sales operations in the region.

Key Aspects of the Partnership

Strategic Importance

Sudhir Mehta, Founder & Chairman of EKA Mobility, highlighted Ethiopia's growing industrial base and focus on clean energy as ideal factors for their East African operations. This move aligns with the company's expansion strategy and the increasing global demand for sustainable transportation solutions.

Local Impact and Ecosystem Development

Israel Degefa, CEO of Kerchanshe Group, emphasized the collaboration's potential for creating a green mobility ecosystem. This partnership is expected to support industrial growth and job creation in the region, contributing to the local economy while promoting sustainable transportation options.

About Kerchanshe Trading PLC

Kerchanshe Trading PLC, EKA Mobility's partner in this venture, is Ethiopia's leading coffee exporter. The company has a diverse portfolio with operations spanning agriculture, construction, and automotive sectors, making it a well-positioned partner for EKA Mobility's expansion into East Africa.

This strategic move by EKA Mobility represents a significant step in the company's international expansion and highlights the growing importance of emerging markets in the electric vehicle industry. The partnership not only opens new avenues for EKA Mobility but also contributes to the development of sustainable transportation infrastructure in East Africa.