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SmartE bags Rs. 100 crore from Japan’s Mitsui & Co for EV startup

Jul 22, 2019, 7:01 am

India’s largest electric mobility service provider startup – SmartE has raised Rs 100 crore from a Japan-based trading house major Mitsui & Co in a Series B funding round. The new funds for the Delhi based company are to expand its markets.

The company plans to expand its three-wheeler rickshaw to 10,000 units operating at least in two cities in south India and three in the northern region in the next two years. Well, the name of the cities has not been disclosed by the company.

The deployment of electric three-wheelers in first and last-mile connectivity operations is now a proven business model. We plan to scale up to 100,000 EVs in the next five years with different milestones in between as we grow gradually – Goldie Srivastava, co-founder, and CEO

Along with its market expansion, it will also use the funds to expand its charging infra network that will offer both plug-in vehicle charging and battery solutions. The start-up company is also the official connectivity partner to Delhi Metro providing its service to many metro stations in Delhi, Gurugram, and Faridabad.

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 – Shinichiro Omachi, managing director of Mitsui & Co. India

Additionally, the company has stepped into MOUs along with multiple state governments to provide its service with its E-vehicle.

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