[Funding News] EKA Raises Second Funding Round from Mitsui

EKA (Pinnacle Mobility Solutions), an electric vehicle (EV) manufacturer from Pune, has received a second tranche of investment from the Japanese trading corporation Mitsui & Co Ltd.

The funds will be allocated to capital expenditure, working capital, and the expansion of manufacturing and product development.

Read also - Zepto Secures $665 Mn Series F Funding Round Led by new investors Avenir, Lightspeed

The most recent tranche of Rs 200 crore has been received by Eka.

EKA Mobility is a company that specializes in the development and production of commercial electric vehicles. Intercity coaches, electric light commercial vehicles, and electric buses in the 7-, 9-, and 12-meter categories comprise its product line.

In order to establish a prominent global OEM in India, EKA, Mitsui, and Dutch technology and manufacturing company VDL Groep entered into a long-term partnership in December of last year. The partnership includes joint investments of $100 million (~ Rs 850 crore) in phases, equity, and technology cooperation. Mitsui will provide investments to EKA Mobility, while VDL Groep will provide technological support and equity partnership.

Sudhir Mehta, Founder, EKA, said: "The continued investment support will enable us to accelerate our growth trajectory, bring innovative EV solutions to market faster, and further our mission to create a sustainable and green transportation ecosystem,"

About EKA

Founded in 2022 by Sudhir Mehta, EKA, a subsidiary of Pinnacle Industries Ltd, is an automotive & technology company, introducing, sustainable, profitable & efficient new energy commercial vehicles & solutions to accelerate mass adaptation.

Advertisment

Want to go deeper into the world of startups and entrepreneurship? Check out these categories on VIESTORIES:

Startup Success Stories: Discover inspiring tales of startups overcoming challenges and achieving success.

Funding Startup News: Stay updated with the latest news and trends in startup funding and investment.

Startup Insights: Dive into in-depth analyses of various industries and market trends to make informed business decisions.