Thu. Mar 28th, 2024

Tokyo-based Mitsui & Co, which is part of Japanese conglomerate Mitsui Group, is investing about ₹20 Crore in automotive technology startup Smart Auto Systems’s Series-A round. This investment will be used to create its technology platform and expand its geographical presence and promote their world-class services.

Speaking on the development, a spokesperson for the company told, “It is a technology company for automotive repair and maintenance. The funds will be used for technology and geographic expansion of the company, Mitsui is a strategic investor in Smart Auto Systems. The amount raised by the company could be part of a larger round. However, this could not be independently verified. Founders of Smart Auto Systems refused to comment and email sent to Mitsui did not elicit a response at the time of the story going to print.”

After the investment, three members of the strategic investors has joined as the board of director in Hyderabad-based Smart Auto Systems.