[Funding alert] Electric vehicle startup SmartE raises Rs 100 Cr in Series-B funding
With this fundraise, EV startup SmartE is looking to rapidly increase its fleet size and ramp up its charging infrastructure network within Delhi-NCR and other key cities around the country.
Electric vehicle startup SmartE has raised Rs 100 crores as a part of its Series B round of funding from Japanese conglomerate Mitsui & Co.
With this 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 infrastructure network to offer both plug-in vehicle charging as well as battery swapping solutions.
SmartE, in a statement, said that through this strategic investment, it will explore multiple synergies with Mitsui along with leveraging the investor’s existing businesses in the EV domain around the world to enable long-term growth.
Founded in 2014, SmartE is focused on providing electric mobility services in the country, offering shared last-mile connectivity. In early 2017, SmartE had raised its series A funding of $5 million from Singapore-based Ecotransit Investments International Pte Ltd.
Speaking on the fundraise, Goldie Srivastava, Co-Founder and CEO, SmartE, said,
“We are honoured and excited to welcome on board 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.”
In a statement, the startup said that it has commuted over 35 million commuters till date. With its fleet of nearly 1,000 electric three-wheelers in Delhi-NCR, it moves around 100,000 commuters, on a daily basis.
In addition to its fleet, SmartE has also built 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, Gurugram, and Faridabad.
While, Shinichiro Omachi, Managing Director of Mitsui & Co. India, added,
“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.”
Over the last couple of years, SmartE has built a partner ecosystem for enabling a rapid scale-up in its business, including vehicle OEMs like Mahindra and Kinetic Green and energy solution providers like Panasonic, Exicom, and Sun Mobility.
Additionally, SmartE has entered into MoUs with multiple State governments around the country to roll out its last-mile connectivity services using electric vehicles.
(Edited by Evelyn Ratnakumar)
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.