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SmartE raises Rs 100 cr investment from Mitsui & Co

Monday, 22 Jul 2019
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Electric vehicle (EV) start-up SmartE has rallied Rs 100 crore from Japan-based Mitsui & Co in a Series B funding round.

In addition to the capital, Mitsui & Co will bring to SmartE multiple synergies through its existing businesses in the EV domain to enable the company for long-term growth.

SmartE provides electric mobility services and focuses on offering shared last-mile connectivity. With its fleet of nearly 1,000 electric three-wheelers in Delhi-NCR, it moves around 1,00,000 commuters daily.

The company will use the funding 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 and battery swapping solutions.

SmartE has built India’s largest EV charging infrastructure, spread across five large parks and 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.

 
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