The India-Japan Fund (IJF), managed by the National Investment and Infrastructure Fund (NIIF), has invested Rs 500 crore (approximately $57 million) in EKA Mobility, a Pune-based electric vehicle (EV) manufacturer specialising in commercial vehicles, per an announcement.
This aligns with the fund’s objective of investing in the climate sector and accelerating investments in the India-Japan corridor.
EKA Mobility, a subsidiary of Pinnacle Industries, develops a range of electric commercial vehicles using in-house research and development (R&D) and engineering capabilities.
The funds will be used by the company to expand its manufacturing capacity, enhance R&D, upgrade supply chain infrastructure, and develop marketing operations in domestic and international markets, it said in a statement.
“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,” said Krishna Kumar, Partner & Fund Head at IJF.
The fund claims to support enterprises that are shaping India’s journey to a low-carbon economy, and is also committed to promoting India-Japan business partnerships.
EKA Mobility’s existing shareholders include VDL Groep (Netherlands), Mitsui & Co., Ltd. (Japan), and ENAM Holdings (India).
“This investment comes at a crucial time as we expand operations, strengthen our R&D, and accelerate the adoption of electric mobility across India,” said Sudhir Mehta, Founder & Chairman at EKA Mobility.
The company’s portfolio of zero-emission vehicles spans electric buses and small commercial vehicles.
NIIF, India’s sovereign-anchored alternative asset manager, manages $4.9 billion in equity capital commitments across four strategies – infrastructure, private markets, growth equity, and climate investments.
IJF is NIIF’s first bilateral fund, with a corpus of Rs 4,900 crore — 49% contributed by the Government of India and 51% by the Japan Bank for International Cooperation (JBIC).
