Electric vehicle operator SmartE has raised close to Rs 100 crore in its Series B funding round from Japanese conglomerate Mitsui & Co.
In addition to the equity funding, Mitsui will bring multiple synergies through its existing businesses in the EV domain around the world.
SmartE offers mobility services across multiple metro stations in Delhi, Gurgaon, and Faridabad with its EVs. In addition to its fleet, SmartE has also built EV charging infrastructure with a capacity to concurrently charge more than 800 electric three-wheelers.
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.
Goldie Srivastava, co-founder and CEO, SmartE said the firm which was founded in 2014 had started with about 30 vehicles. “At least in three-wheelers, the economics of EVs started making sense even back in 2014. We also ended up building the EV charging infrastructure,” he said. Most of the rides undertaken by the firm are on under three-km routes.