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 the capital, Mitsui will bring to SmartE multiple synergies through its existing businesses in the EV domain to enable the company for long-term growth.
Founded in 2014, SmartE provides electric mobility services and focuses on offering shared last-mile connectivity. 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 will use the funding 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 and battery swapping solutions.
