EV startup SmartE bags Rs 100 crore funding from Japanese firm Mitsui & Co
Electric vehicle (EV) operator SmartE has raised Rs 100 crore in Series B funding from Mitsui & Co, a Japanese trading and investment company.
With the new funding, SmartE plans to rapidly increase its fleet size within Delhi-NCR as well as other key cities around India. The fresh capital will also be used to significantly ramp up its charging infra network to provide both plug-in vehicle charging and battery swapping solutions.
Goldie Srivastava, Co-Founder and CEO, SmartE, said, “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.”
SmartE offers electric three-wheelers for last-mile connectivity at metro stations. The company had raised its Series A funding of $5 million from Singapore-based Ecotransit Investments International Pte Ltd in early 2017.
At present, SmartE ferries about one lakh passengers every day in NCR. The startup has about 1,000 e-three-wheelers, and the fleet size could rise to 10,000 in the next 18 months.
Shinichiro Omachi, Managing Director of Mitsui & Co India, stated, “Growing urbanization in Delhi-NCR is driving demand for transportation, including first- and last-mile services, placing a greater burden on the environment.”
“India’s last-mile connectivity market is worth $42 billion, largely led by e-three wheelers and auto-rickshaws. Even as there is growth in e-rickshaws or e-three-wheelers, auto-rickshaws continue to command half the pie size. The share of cycle rickshaws has shrunk to 20% from 45-50%, however, reflecting the growing use of e-rickshaws,” Srivastava further added.