EV start-up SmartE gets Rs 100-crore funding from Mitsui

With its fleet of nearly 1,000 electric three-wheelers in Delhi-NCR, it moves around 100,000 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.

Electric vehicle (EV) start-up SmartE has raised Rs 100 crore from Japanese major trading house Mitsui & Co in a Series B funding round.

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

Founded in 2014, SmartE provides electric mobility services and focuses on offering shared last-mile connectivity.

It has moved 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 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.

“We are committed to transforming the last-mile connectivity paradigm in the country and to creating a global benchmark for electric mobility adoption,” said Goldie Srivastava, co-founder and chief executive of SmartE.

He said last-mile connectivity was a $42-billion opportunity in the country and was growing at a compound annual growth rate of 11 per cent.

The segment is mainly served by traditional three-wheelers, cycle, and e-rickshaws.

Srivastava said 98 per cent of SmartE’s riders pay Rs 10 to cover a distance of 2-3 kms.

SmartE said it had built India’s largest EV charging infrastructure, spread across five large park 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.

“Growing urbanisation in Delhi-NCR is driving demand for transportation, placing a greater burden on the environment,” said Shinichiro Omachi, managing director of Mitsui & Co. India.

"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," said Omachi.

Photographs: Kind courtesy, SmartE