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India-Japan Fund Commits INR 500 Crore Investment to Propel EKA Mobility’s EV Expansion

The India-Japan Fund (IJF), managed by the National Investment and Infrastructure Fund (NIIF), has announced a strategic investment of INR 500 crore (USD 57 million) in EKA Mobility, a leading Indian manufacturer of electric commercial vehicles.

This investment underscores IJF’s focus on climate-conscious investments and its objective to deepen bilateral collaboration between India and Japan in sustainable infrastructure and mobility. The capital infusion will enable EKA Mobility to enhance manufacturing capabilities, advance research and development initiatives, strengthen supply chain infrastructure, and scale marketing efforts across domestic and international markets.

Krishna Kumar, Partner and Fund Head – IJF, commented:
“Our investment in EKA Mobility reaffirms our confidence in India’s electric mobility landscape and the potential of indigenous OEMs to drive transformative change. IJF is dedicated to supporting enterprises that contribute to India’s low-carbon transition while fostering enduring India-Japan business partnerships. EKA Mobility’s technical acumen, design expertise, and manufacturing excellence position it to capitalize on the nation’s evolving mobility ecosystem.”

EKA Mobility’s existing shareholders include VDL Groep (Netherlands), Mitsui & Co., Ltd. (Japan), and ENAM Holdings (India).

Makoto Uchida, Senior Managing Director at the Japan Bank for International Cooperation (JBIC) and Executive Director at JBIC IG Partners, emphasized the broader significance of the partnership:
“We welcome IJF’s collaboration with EKA Mobility as a testament to our shared commitment toward sustainable growth and environmental stewardship. Together with NIIF, JBIC Group—including our subsidiary JBIC IG Partners—will continue to advance Japanese investments in India through the IJF initiative, further deepening economic and industrial ties between our nations.”

The partnership between NIIF and EKA Mobility aligns with the Government of India’s vision for the electrification of public transport and the promotion of domestic manufacturing under the Make in India and Atmanirbhar Bharat missions.

Dr. Sudhir Mehta, Founder and Chairman of EKA Mobility, said:
“We are delighted to have NIIF as a strategic partner at this critical juncture in our growth journey. This investment will accelerate our expansion, reinforce our R&D capabilities, and support our mission to enable sustainable and inclusive mobility solutions across India. NIIF’s association strengthens our resolve to drive the transition towards cleaner and smarter transportation.”