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SmartE gets Rs 100 crore Series B funding from Japan’s Mitsui

With its series B fundraise, the firm is looking to rapidly increase its fleet size within Delhi-NCR as well as other key cities around India.

, ETAuto|
Jul 22, 2019, 11.34 AM IST
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With its series B fundraise, the firm is looking to rapidly increase its fleet size within Delhi-NCR as well as other key cities around India.
NEW DELHI: SmartE (TVV), an Indian e-vehicle last-mile service startup, has bagged series B funding of ?100 crore from Japan’s $62.7-billion conglomerate Mitsui, co-founder Goldie Srivastava told ETAuto.

“Mitsui will bring to SmartE multiple synergies through its existing businesses in the EV domain around the world to enable the company for longterm growth,” Srivastava said, while declining to give details on the stake dilution. In early 2017, SmartE had raised its series A funding of $5 million from Singapore-based Ecotransit Investments International.

With its series B fundraise, the firm is looking to rapidly increase its fleet size within Delhi-NCR as well as other key cities around India. It will also use the funds to ramp up its charging infra network to offer both plug-in vehicle charging and battery swapping solutions. Currently, SmartE ferries about one lakh passengers every day in NCR. It has about 1,000 e-three-wheelers, and the fleet size could rise to 10,000 in the next 18 months.

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