EKA Mobility is an Electric Vehicle manufacturing company that received a second investment of Rs 200 crore from Japanese trading Firm Mitsui. This investment was part of the 850 crore deal made between the two companies. The company plans to use this investment to scale up its structure & manufacturing operations, supply chain optimization, and market expansion.
This automotive startup manufactures Electric light commercial Vehicles and offers EV solutions that are structured using 100 percent recyclable materials to reduce carbon footprints. Previously, Mitsui invested its first tranche in the startup, which was used by the firm to scale up its R&D department for commercial EVs, enhancing the platform, and product development while increasing its network. The CEO and founder of EKA Mobility, Sudhir Mehta mentioned that this investment will help the startup to stregthen their market presence while developing more innovative EV solutions. The company aims to develop sustainable electric Vehicles.
EKA Mobility was approved by the government for its PLI scheme to boost the automobile and component industry. The startup claims to have provided over 1,000 electric buses and more than 5,000 electric small commercial vehicles. The company expects a growth in electric bus orders, especially in Mumbai and New Delhi regions. This EV startup plans to expand its network across the country with the funding amount raised.
This deal and investment by MitsuiCo. Ltd shows the trust of the company in EKA Mobility’s market potential and business model. The startup is aiming to expand its business and offer electric buses and light commercial vehicles across the country in the next one to two years. Mitsui is a Japanese lending company who is investing in the firm to help them meet its capital and working capital requirements. This startup competes with other Electric Vehicle Manufacturers including Pla Electric, Ather Energy, hero Motocorp, and Bajaj.
Conclusion :
EKA Mobility is an EV manufacturing startup that received its second tranche investment of Rs 200 crore from Mitsui. This funding was part of the 850 crore deal made between the two companies. The company plans to use this investment to scale up its infrastructure & manufacturing operations, supply chain optimization, and market expansion. The company plans to use this fund for market expansion and scale-up to meet working capital requirements.
This Electric Vehicle manufacturing startup creates Electric light commercial Vehicles and offers EV solutions that are structured using 100 percent recyclable materials to reduce carbon footprints. The investment will help them grow while developing more innovative EV solutions in the market. The firm expects an increase in its electric bus orders, especially in Mumbai and New Delhi regions.
This EV startup plans to expand its network across the country with the funding amount raised. The startup is aiming to provide electric buses and electric commercial vehicles in the country in the next 12 to 18 months interval. Mitsui invested its first tranche in the startup, which was used by the firm to scale up its R&D department for commercial EVs, enhancing the platform, and product development while increasing its network.
