EKA Mobility (Pinnacle Mobility Solutions) has announced a significant development in its partnership with Mitsui & Co., Ltd. (“Mitsui”), a global trading and investment powerhouse known for driving industrial innovation.
Mitsui has executed a second tranche investment as part of an initially announced phased investment, reinforcing its commitment to EKA’s rapid growth in the electric vehicle (EV) sector. This strategic capital infusion will be allocated towards capital expenditures (Capex) and working capital, supporting EKA Mobility’s expansion and innovation in the EV market. The investment also sets an attractive valuation benchmark for the company, reflecting its swift growth trajectory.
In December 2023, EKA, Mitsui, and VDL Groep embarked on a strategic long-term partnership involving joint investments of USD 100 million (~INR 850 crores) in phases, along with equity and technology cooperation to establish a leading global Original Equipment Manufacturer (OEM) in India. Under this agreement, EKA Mobility will benefit from substantial and strategic investments from Mitsui, and technological support and equity partnership from VDL Groep, a prominent Dutch technology and manufacturing firm. As part of this partnership, VDL Bus and Coach, a subsidiary of VDL Groep and a leader in electric buses and coaches in Europe, will provide technology transfer to EKA Mobility to produce electric buses in India for the local market.
Earlier this year, Mitsui’s initial tranche investment in EKA enabled the company to establish one of India’s largest R and D centers for electric commercial vehicles, driving new product development and expanding export footprints. The second tranche will bolster EKA Mobility’s manufacturing capabilities, accelerate new product development, extend market reach, and provide essential working capital. This investment will strengthen the company’s financial base to support day-to-day operations, optimize the supply chain, and expand market initiatives.
“We are thrilled to deepen our partnership with EKA Mobility through the investment of this second tranche,” said Hiroshi Takeuchi — Deputy General Manager of Mobility Business Unit 1 of Mitsui. “EKA Mobility has demonstrated strong growth and innovation in the EV space, and we are excited to support their continued success. We look forward to utilizing Mitsui’s global network to promote exporting EKA’s competitive products to overseas markets. This investment aligns with Mitsui’s strategic focus on sustainable and forward-looking industries, and we are confident that EKA Mobility will play a pivotal role in the future of transportation.”
EKA, headquartered in Pune, has led the commercial electric mobility revolution, developing a range of electric buses in 7mtr, 9mtr, and 12mtr categories, intercity coaches, and various electric light commercial vehicles. EKA is also one of the commercial vehicle manufacturers approved under the Government of India’s Auto PLI policy. Mitsui’s renewed investment underscores its confidence in EKA Mobility’s vision, technology, and market potential.
Sudhir Mehta, Founder of EKA (Pinnacle Mobility Solutions), expressed his gratitude for Mitsui’s continued support: “ The continued investment support will enable us to accelerate our growth trajectory, bring innovative EV solutions to market faster, and further our mission to create a sustainable and green transportation ecosystem”
EKA’s order book has grown significantly, with over 1,000 electric buses and 5,000 electric light commercial vehicles. Given the strong acceptance of EKA buses in Delhi and Greater Mumbai, the company anticipates a surge in electric bus orders in the coming months and is well-positioned to capture and fulfil this demand.