EKA Mobility raises $10.4M in debentures amid e-bus order push
What's the deal? EKA MobilityDealroom has a profile for this one. Try Dealroom →, an Indian electric bus maker, issued US$13.6M (≈$10.4 million) in debentures to ICICI Prudential Corporate Credit Opportunities Fund AIF. The debt issue is part of a wider US$190.1M borrowing drive this year — the company's biggest to date.
Why now? The fundraising follows two major government e-bus orders EKA won against established rivals. The debt will help it deliver on those contracts and expand its market presence.
What's the endgame? EKA is scaling up to supply electric buses to government programs. Its board has approved raising a further US$54.3M through debentures, on top of a US$177.4M lending facility from a consortium of banks secured in February.
The latest round builds on a $57 million (US$67.9M) equity raise in October last year, led by the National Investment and Infrastructure FundDealroom has a profile for this one. Try Dealroom →.
The signal: EKA's rapid shift to debt financing reflects growing lender confidence in India's electric bus sector, as emerging players win public contracts once dominated by incumbents.
Read more: htsyndication.com
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