July 23, 2024

  • Daily Motion

SmartE gets investments of Rs 100 cr by Japanese Co Mitsui & Co

SmartE & Mitsui & Co 

An EV startup company, SmartE India’s first and largest electric mobility service offers eco-friendly solutions to the first and last mile transport facilities to the urban cities. SmartE gets investments of Rs 100 cr by Japanese Co Mitsui & Co

SmartE gets investments of Rs 100 cr by Japanese Co Mitsui & Co

The company has bagged series B funding of Rs 100 crore from Japan’s $62.7-billion company Mitsui, co-founder Goldie Srivastava.

SmartE & Mitsui & Co 

The “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,” Srivastava said.

SmartE raised its series A funding of $5 million from Singapore-based Ecotransit Investments International Pte Ltd.

The company is looking to increase its fleet size in the Delhi-NCR and some other cities through its B series funding. It will also use these funds for charging infrastructure for both plug-in vehicles and battery swapping solutions.

SmartE has 1,000 electric three-wheelers

At current, SmartE carries one lakh passengers every day in NCR. It has about 1,000 electric three-wheelers and it will rise to 10,000 in the next 18 months.

Investments will help in expansion of 9 new cities 

Co-fonder said that the investments will help in the expansion of the 9 new cities. Shinichiro Omachi, Managing Director of Mitsui & Co, India said that as there is the growth in the urbanization in Delhi-NCR and the demand for the transportation including the first-last mile services.

India’s last-mile market is worth $42 billion

According to Srivastava, India’s last-mile market is worth $42 billion led by electric three-wheelers and auto rickshaws. We see there is the growth of e-three-wheelers but also the auto-rickshaws demand is half of the size. There is a decline in the cycle rickshaws to 20% from 45-50% however there is a growth in the use of e-rickshaws.

EV charging stations across the 5 large hubs

The company has built EV charging stations across the 5 large hubs which chargers more than 800 electric three-wheelers. It is also partner to Delhi Metro which offers its services to multiple stations in Delhi, Gurgaon, and Faridabad.

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