Electric bus maker Eka Mobility raises Rs.100-Cr from ICICI Pru Corporate Credit Opportunities Fund

Pune-based Eka Mobility has issued INR 100 crore worth of debentures to ICICI Prudential Corporate Credit Opportunities Fund.Separately, Eka was awarded an INR 1,306 crore lending facility by a consortium of banks in February.Founded in 2019 by Sudhir Mehta, Eka Mobility is a subsidiary of Pinnacle Industries and operates as an electric bus manufacturer with an annual production capacity of 6,000 units. The company plans to use the fresh capital to execute on major government orders and expand its presence in the electric vehicle market. Eka Mobility has secured contracts for a total of 7,466 electric buses through tenders floated by Convergence Energy Services Ltd.The firm entered the electric bus segment in 2022 and maintains partnerships with Mitsui and VDL Groep for investment and technology collaboration.