India-Japan Fund (“IJF”), a fund managed by National Investment and Infrastructure Fund Limited (“NIIF”), announces an investment of INR 500 cr (US$ 57 mn) 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 also further accelerate investments in the India-Japan corridor.
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, ably supported by indigenous software and engineering capabilities.
The capital infusion from IJF is expected to support EKA Mobility’s plans to increase its manufacturing capacity, advance research and development initiatives, improve its supply chain infrastructure, and enhance its marketing efforts aimed at domestic and international markets.
EKA Mobility’s existing shareholders include VDL Groep (Netherlands), Mitsui & Co., Ltd. (Japan), and ENAM Holdings (India).
“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. IJF is supporting enterprises that are shaping India’s journey to a lowcarbon economy, and also committed to promoting India-Japan business partnerships. We are glad to support Eka Mobility’s growth in the sustainable commercial transportation segment, wherein it combines its technical, design capabilities and manufacturing infrastructure to take advantage of India’s transition in the mobility segment.” Krishna Kumar, Partner & Fund Head-IJF.
“We welcome IJF’s partnership with EKA Mobility, reflecting the fund’s commitment to invest in opportunities that contribute to environmental preservation in India as well as to promote collaboration between Indian and Japanese companies. Together with our partner NIIF, JBIC group -including our subsidiary JBIC IG Partners, which is supporting NIIF in promoting Japanese investments in India through the IJF initiative – will continue to contribute to deepening the bilateral relationship between India and Japan.” Makoto Uchid, Senior Managing Director at Japan Bank for International Cooperation (JBIC) and Executive Director at JBIC IG Partners.
“We are proud to have NIIF as a strategic partner in our growth journey. This investment comes at a crucial time as we expand operations, strengthen our R&D, and accelerate the adoption of electric mobility across India. NIIF’s support reinforces our shared vision of creating sustainable, inclusive, and future-ready transportation solutions.” Dr. Sudhir Mehta, Founder & Chairman of EKA Mobility.
The collaboration between NIIF and EKA Mobility aligns with the Government of India’s stated objectives on electrification of public transport and promotion of domestic manufacturing under the Make-in-India and Atmanirbhar Bharat initiatives.
The company’s portfolio of zero-emission vehicles spans electric buses (7m, 9m, and 12m variants), intercity coaches, 3-wheeler passenger and cargo vehicles, heavy-duty trucks (55T and 7T) and small commercial vehicles in the 1.5T, 2.5T, and 3.5T categories. The company has confirmed orders for over 3,300 electric buses as part of state government procurements, municipal corporation contracts, and private commercial fleets.
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