NIIF’s India-Japan Fund invests ₹500 crore in EKA Mobility

India-Japan Fund (IJF), managed by the National Investment and Infrastructure Fund Limited (NIIF), has announced an investment of INR 500 crore (US$ 57 million) in EKA Mobility, an electric vehicle manufacturer focused on commercial vehicles. The investment aligns with IJF’s objective to support climate-focused initiatives and promote investments in the India-Japan corridor.

EKA Mobility, a subsidiary of Pinnacle Industries, produces a range of electric commercial vehicles developed through in-house R&D and supported by local software and engineering capabilities. The investment from IJF is expected to support the company’s plans to expand manufacturing capacity, advance research and development, enhance supply chain infrastructure, and increase marketing efforts for domestic and international markets. Current shareholders of EKA Mobility include VDL Groep (Netherlands), Mitsui & Co., Ltd. (Japan), and ENAM Holdings (India).

Krishna Kumar, Partner & Fund Head at IJF, stated, “Our investment in EKA Mobility continues to reflect our confidence in India’s electric mobility potential and the capability of homegrown OEMs to drive meaningful change in the market. IJF is supporting enterprises that are shaping India’s journey to a low-carbon economy, and also committed to promoting India-Japan business partnerships. We are glad to support Eka Mobility’s growth in the sustainable commercial transportation segment, wherein it combines its technical, design capabilities and manufacturing infrastructure to take advantage of India’s transition in the mobility segment.”

Makoto Uchida, Senior Managing Director at Japan Bank for International Cooperation (JBIC) and Executive Director at JBIC IG Partners, said, “We welcome IJF’s partnership with EKA Mobility, reflecting the fund’s commitment to invest in opportunities that contribute to environmental preservation in India as well as to promote collaboration between Indian and Japanese companies. Together with our partner NIIF, JBIC group -including our subsidiary JBIC IG Partners, which is supporting NIIF in promoting Japanese investments in India through the IJF initiative – will continue to contribute to deepening the bilateral relationship between India and Japan.”

Dr. Sudhir Mehta, Founder & Chairman of EKA Mobility, added, “We are proud to have NIIF as a strategic partner in our growth journey. This investment comes at a crucial time as we expand operations, strengthen our R&D, and accelerate the adoption of electric mobility across India. NIIF’s support reinforces our shared vision of creating sustainable, inclusive, and future-ready transportation solutions.”

The collaboration aligns with the Government of India’s objectives on public transport electrification and domestic manufacturing under the Make-in-India and Atmanirbhar Bharat initiatives.

EKA Mobility’s portfolio includes electric buses (7m, 9m, and 12m), intercity coaches, 3-wheeler passenger and cargo vehicles, heavy-duty trucks (55T and 7T), and small commercial vehicles (1.5T, 2.5T, and 3.5T). The company has confirmed orders for over 3,300 electric buses from state governments, municipal corporations, and private fleets.

NIIF, India’s sovereign-anchored alternative asset manager, oversees USD 4.9 billion across Infrastructure, Private Markets, Growth Equity, and Climate Investments, targeting sectors that support India’s growth and environmental goals. India-Japan Fund (IJF), NIIF’s first bilateral fund with INR 4,900 crore (49% GoI, 51% JBIC), invests in climate and energy transition sectors and promotes India-Japan business collaboration.

Also read: EKA Mobility and Chartered Speed to deploy 675 electric buses across Rajasthan