New Delhi, June 8 -- EKA Mobility, the electric mobility arm of Pinnacle Mobility Solutions Pvt Ltd, is likely to have more than doubled its revenue in the financial year ended March 2026, driven by higher electric bus deliveries and execution of a growing order pipeline, VCCircle has learnt.

Backed by the National Investment and Infrastructure Fund's (NIIF's) India-Japan Fund, Mitsui & Co of Japan, Netherlands-based VDL Groep and Enam Holdings, the company is estimated to have posted revenue from operations of around Rs 500 crore in FY26, compared with Rs 234.3 crore in FY25.

During the first nine months of FY26, EKA generated revenue of Rs 347.9 crore, already exceeding the full-year figure for FY25.

An email sent to EKA Mobility remained unanswered till the time of publishing this article.

Background and backing

Founded in 2019, EKA manufactures electric buses, trucks and small commercial vehicles. The company currently offers electric buses in 7-metre, 9-metre and 12-metre variants, and plans to expand its presence across commercial EV segments.

In FY26, EKA secured Rs 700 crore in funding from Enam Holdings-backed Volrado Venture Partners Fund III, India-Japan Fund, and other investors.

Combined with earlier investments from Mitsui & Co and VDL Groep, EKA has to date raised about Rs 1,560 crore (around $162 million).

Order momentum

EKA's growth has largely been driven by an order book of around 5,718 electric buses as of February 2026, providing revenue visibility for the next 18-24 months. A large portion of these orders came through government-backed programmes such as PM eBus Sewa and PM E-Drive.

However, the company remained loss-making at the operating level in FY26 as it continued investing in manufacturing capacity, product development and market expansion. In FY25, the company had reported a net loss of Rs 73.6 crore.

Going ahead, government-led procurement is expected to remain a major demand driver for the sector, with thousands of electric buses being tendered across states under PM eBus Sewa and PM E-Drive. Over the next few years, the broader industry is expected to witness a sharp increase in electric bus adoption as fleet operators and state transport undertakings expand their EV fleets.

Growth blueprint

To cater to the anticipated demand, EKA is undertaking a Rs 1,638-crore capital expenditure programme across its manufacturing facilities in Pune and a new plant in Indore. The expanded Pune facility is expected to be commissioned by September this year, while the Indore plant is slated to become operational by December.

Once completed, EKA will have an annual production capacity of 5,100 electric buses, 12,000 electric small commercial vehicles, and 1,200 electric trucks, strengthening its ability to serve both government and private-sector customers.

Published by HT Digital Content Services with permission from VC Circle.