Rs 1,400 crore (about $147 million): India's e-bus upstart outbid Tata and Ashok Leyland — twice

Pune-based Eka Mobility has secured over Rs 1,400 crore (about $147 million) in debt this year to deliver two major government orders — a Rs 1,306 crore (about $137 million) bank lending facility in February and Rs 100 crore (about $10.5 million) in debentures last month. Since December 2025 the company has won contracts for 3,485 buses in a 10,900-bus tender and orders for 3,981 buses in later tenders for 6,230 buses floated by the Centre's Convergence Energy Services Ltd, outbidding established rivals Tata Motors and Ashok Leyland. Founded in 2019 with annual manufacturing capacity of 6,000 electric buses, Eka is riding a surge that saw Indian e-bus sales rise 55% year-on-year to 3,723 units in April–September.