SmartE Raises 100Cr Funding From Mitsui Japan

SmartE (TVV Pvt Ltd) has announced the successful closure of its series-B funding round by one of Japan’s largest conglomerates, Mitsui & Co (Mitsui). In addition to the equity funding of nearly INR 100 Crore, Mitsui will bring to SmartE, multiple synergies through its existing businesses in the EV domain around the world to enable the company for long-term growth.

With its fleet of nearly 1000 electric three-wheelers in Delhi-NCR, it moves around 100,000 commuters daily. In addition to its fleet, SmartE has built the country’s largest EV charging infrastructure, spread across five large Park & Charge hubs with a capacity to concurrently charge more than 800 electric three-wheelers. SmartE is also the official last-mile connectivity partner to Delhi Metro, offering its services across multiple metro stations in Delhi, Gurgaon, and Faridabad.

Goldie Srivastava, Co-Founder & CEO, SmartE said, “We are honored and excited to welcome onboard a global conglomerate like Mitsui as our strategic partner. Mitsui and SmartE 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, Managing Director of Mitsui & Co. India said: “Growing urbanization 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.”

With its series B fundraise, the company is looking to rapidly increase its fleet size within Delhi-NCR as well as other key cities around the country. It will also use the funds to significantly ramp up its charging infra network to offer both plug-in vehicle charging as well as battery swapping solutions. Additionally, SmartE has entered into MoUs with multiple state governments around the country to roll out its last-mile connectivity services using electric vehicles.