E-mobility service provider SmartE (TVV Pvt Ltd) has announced the successful closure of its series-B funding round by one of the largest conglomerates of Japan, Mitsui & Co. "In addition to the equity funding of nearly Rs 100 Crore, 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 said in a statement.
"With its series B fundraise, the company is looking 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 as well as battery swapping solutions," the statement added.
In early 2017, SmartE had raised its series A funding of USD 5 million from Singapore based Ecotransit Investments International Pte Ltd.
Commenting on the development, Goldie Srivastava, Co-Founder CEO, SmartE said, “We are honoured and excited to welcome onboard a global conglomerate like Mitsui as our strategic partner. Mitsui and SmartE both share common values, that of sustainable business growth while creating a positive impact on the society we live in. At SmartE we are committed to transforming the last-mile connectivity paradigm in the country and to creating a global benchmark for electric mobility adoption.”
Shinichiro Omachi, Managing Director of Mitsui & Co. India said: “Growing urbanization in Delhi- NCR is driving demand for transportation, including first and last-mile services, placing a greater burden on the environment. 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.”