Japan's Mitsui invests Rs 100 crore in Indian EV startup

Gurgaon-based SmartE, an electric vehicle operator startup has attracted Rs 100 crore investment from Japanese conglomerate, Mitsui & Co, as part of its series-B funding. In addition to the equity funding, SmartE says Mitsui will also bring multiple synergies through its existing businesses in the EV domain around the world to enable the company for long-term growth.

Founded in 2014, SmartE is an electric mobility services in the country, which is focussing on offering shared last-mile connectivity. The company claims to have clocked over 35 million commuters with its fleet of nearly 1,000 electric three-wheelers in Delhi-NCR, having average of 100,000 commuters each day.

In addition to its fleet, the company has set-up an extensive EV charging infrastructure, across five large 'Park and Charge' hubs with a capacity to concurrently charge more than 800 electric three-wheelers.

Goldie Srivastava, co-founder and CEO, SmartE said, “We are honoured and excited to welcome onboard a global conglomerate like Mitsui as our strategic partner. Mitsui and SmartE both share common values, that of sustainable business growth while creating a positive impact on the society we live in. At SmartE we are committed to transforming the last-mile connectivity paradigm in the country and to creating a global benchmark for electric mobility adoption.”

Shinichiro Omachi, MD, Mitsui & Co. India said: “Growing urbanisation in Delhi- NCR is driving demand for transportation, including first- and last-mile services, placing a greater burden on the environment. We are proud to partner with SmartE, a true pioneer in the electric mobility service space, who shares our commitment to sustainable business development and alleviating pain points to improve living standards for communities.”

The company plans to use the new funds to increase its fleet size within Delhi- NCR as well expand to other cities in the country. The funding will also be used to significantly increase its charging infra network to offer both plug-in vehicle charging as well as battery swapping solutions.