Japanese firm Mitsui & Co invests Rs 100 cr
SMART E – 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, Mitsui 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. 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 expecting 10000 smartE delivery to fleet owners.The company will use the funding to enhance its fleet size within Delhi-NCR as well as other main 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.
SmartE has constructed EV charging infrastructure unfold throughout 5 massive hubs, with a capability to concurrently cost greater than 800 electrical three-wheelers. SmartE can be the last-mile connectivity associate to Delhi Metro, providing its companies throughout a number of metro stations in Delhi, Gurgaon, and Faridabad.
The corporate presently sourcing e rikshwa from Mahindra and Kinetic Inexperienced and power resolution suppliers like Panasonic, Exicom and Solar Mobility. Moreover, SmartE has entered into MoUs with a number of state governments to roll out its last-mile connectivity companies services using electrical vehicles.
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