New Delhi, May 2 -- Enam Holdings, co-founded by veteran venture capitalist and investment banker Vallabh Bhanshali, has made a private equity-style investment in an electric commercial vehicle manufacturer.
Enam, which invests in both listed and unlisted private companies, has invested Rs 200 crore ($23.7 million) in Pinnacle Mobility Solutions Pvt Ltd. The Pune-based company, which operates under the brand EKA Mobility, was founded by Sudhir Mehta.
In December 2023, EKA Mobility added Japanese conglomerate Mitsui & Co. and Dutch electric bus manufacturer to its cap table with an investment of $100 million over multiple phases.
The company, which makes electric buses, trucks and small commercial vehicles, has four facilities in the country and manufactures over 20,000 vehicles a year, according to its website.
For the year through March 2024, EKA Mobility reported revenue from operations of Rs 53 crore, a sharp jump from Rs 3 crore in 2022-23, according to data from VCCEdge. Its net loss widened to Rs 32.3 crore in 2023-24 from Rs 9.8 crore the year before.
Axis Capital acted as the exclusive financial advisor to EKA Mobility on the transaction.
Published by HT Digital Content Services with permission from VC Circle.