The Indian Wire » Startups » Delhi-based SmartE raises ₹100 crore in series B funding from Japan’s Mitsui and Co.
Startups

Delhi-based SmartE raises ₹100 crore in series B funding from Japan’s Mitsui and Co.

SmartE, a Delhi-based e-rikshaw service provider has raised ₹100 crore in series B funding from the Mitsui and Co., the Japanese conglomerate. The platform will use the infuse funds to expand into new markets.

Goldie Srivastava, cofounder and CEO of SmartE, reportedly, said that the company plans to grow the fleet of electric three-wheelers to 10,000 units and expand operations to at least two cities in South India and three in the North India over the next two years.

SmartE was founded in 2015 by Goldie Srivastava. It is India’s first and largest electric mobility service, offering connectivity to tens of thousands of commuters every day.

The platform provides an environmentally sustainable solution to the first and last mile transportation opportunity in urban cities.

SmartE offers shared, affordable, convenient rides in all-electric vehicles.

It leverages the best of technology, and innovative solutions for the mobile technology platform to provide the most convenient, transparent and economical short distance travel solution.

SmartE operates a fleet of more than 1K e-rickshaws in Delhi NCR.
The platform has made strategic partnerships in to setup five large EV charging depots, which also serve as parking lots for the e-rickshaws in the night.
These charging depots serve as a plug-in as well as battery swapping station and are built within 2-3 Kms of select metro stations in Delhi, Gurgaon and Faridabad.
While the smallest SmartE charging depot can charge up to 160 e-rickshaws at a time, the largest depot can charge over 300 EVs, Srivastava added.

The company claimed to have more than 800 EV charging stations in Delhi NCR and is said to be building another six such EV charging depots.

Earlier in 2017, SmartE had raised $5 Mn Series A from Singapore’s Ecotransit Investments International. Till now, the EV startup is estimated to have raised over INR 132 Cr.

“The deployment of electric three-wheelers in first and last mile connectivity operations is now a proven business model. We plan to scale up to 100K EVs in next five years with different milestones in between as we grow gradually,” Goldie said.

Some of the emerging electric vehicle platforms includes Yulu, Vogo, Ola electric, Heroelectric, Yoyo bikes, and many more.

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