EKA Mobility plans Rs 1,000 Cr of R&D after raising over Rs 1,400 Cr in debt for e-bus orders

EKA Mobility, a Pune electric bus maker and subsidiary of Pinnacle Industries, plans to invest about Rs 1,000 Cr in research and development over the next five years, founder and chairman Sudhir Mehta told PTI on 29 October. He said the company has invested about Rs 3,500 Cr so far, including more than Rs 600 Cr in R&D, and has a range of 12 to 13 vehicle platforms covering buses, trucks and small commercial vehicles.

Mint reported on 9 October that EKA has raised more than Rs 1,400 Cr in debt this year to deliver government orders: a Rs 1,306 Cr bank facility in February and Rs 100 Cr of debentures issued to an ICICI Prudential credit fund, with board approval for Rs 400 Cr more. Since December 2025 it has won contracts for 3,485 buses in a 10,900-bus tender and 3,981 buses in later tenders run by Convergence Energy Services, outbidding Tata Motors and Ashok Leyland, Mint reported. That followed a $57 million (Rs 500 Cr) round in October 2025 led by NIIF.

EKA reports annual capacity of 6,000 electric buses, with two plants in Pune and a third coming up at Pithampur in Madhya Pradesh, and Mitsui and the Netherlands' VDL Groep as strategic partners, according to Mint and PTI. Mehta told PTI the company wants exports, with Africa a focus, to make up 25 to 30% of sales within five years. gen.E interviewed Mehta about electric public transport this month.