Follow India Renewable Energy News on WhatsApp for exclusive updates on clean energy news and insights

NIIF’s India-Japan Fund Injects INR 500 Crore into EKA Mobility to Boost Electric Vehicle Growth

The India-Japan Fund (IJF), managed by the National Investment and Infrastructure Fund (NIIF), has announced an investment of Rs 500 crore (approximately USD 57 million) in EKA Mobility, a homegrown electric vehicle manufacturer.

This strategic investment aligns with IJF’s focus on the climate and sustainability sector and its broader mission to accelerate cross-border investments within the India-Japan corridor.

The capital infusion will enable EKA Mobility to expand its manufacturing capacity, enhance research and development (R&D) initiatives, strengthen supply chain infrastructure, and scale marketing efforts targeting both domestic and international markets.

“Our investment in EKA Mobility reflects our confidence in India’s rapidly growing electric mobility ecosystem and the capability of indigenous OEMs to drive transformation,” said Krishna Kumar, Partner and Fund Head – IJF. “IJF remains committed to supporting enterprises that are advancing India’s low-carbon transition and deepening India-Japan business ties. We are pleased to back EKA Mobility’s vision to lead the sustainable commercial transportation segment through innovation and strong manufacturing expertise.”

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

Makoto Uchida, Senior Managing Director at the Japan Bank for International Cooperation (JBIC) and Executive Director of JBIC IG Partners, welcomed the collaboration, stating: “IJF’s partnership with EKA Mobility demonstrates its commitment to fostering environmentally responsible investments and promoting cooperation between Indian and Japanese companies. Together with NIIF, the JBIC group—including JBIC IG Partners—will continue to strengthen bilateral relations and drive sustainable industrial growth in India.”

The collaboration between NIIF and EKA Mobility supports the Government of India’s initiatives under Make in India and Atmanirbhar Bharat, focusing on electrifying public transport and advancing domestic manufacturing in the EV sector.

“We are delighted to have NIIF as a strategic partner in our growth journey,” said Dr. Sudhir Mehta, Founder and Chairman of EKA Mobility. “This investment comes at a pivotal time as we expand our operations and R&D capabilities while accelerating electric mobility adoption across India. NIIF’s support strengthens our shared vision of building sustainable, inclusive, and future-ready transportation solutions.”

The partnership underscores a shared commitment between India and Japan to promote green technology, industrial collaboration, and a sustainable mobility ecosystem for the future.