- Mitsui will also bring to SmartE multiple synergies through its existing businesses in the EV domain
- SmartE will use the funding to rapidly increase its fleet size within Delhi-NCR as well as other key cities in India
- Funds to be used to ramp up its charging infra network to offer both plug-in vehicle charging and battery swapping solutions
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.
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.
Providing the last-mile connectivity
Goldie Srivastava, co-founder and chief executive of SmartE told to Business Standard that last-mile connectivity was a $42-billion opportunity in India 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 pays 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.
