EV operator SmartE raises ₹100-cr Series B funding

Our Bureau New Delhi | Updated on July 22, 2019 Published on July 22, 2019

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Electric vehicle (EV) operator SmartE, which provides electric three-wheelers for last-mile connectivity at metro stations, announced raising a Series B funding of nearly ₹100 crore from Mitsui & Co, a Japanese trading and investment company. SmartE had raised a $5-million Series A round in 2017.

The company said it would use this funding to expand its fleet of EVs in Delhi NCR and expand to other cities in India over the next six months. Goldie Srivastava, Co-founder and CEO, SmartE, told BusinessLine that the company will expand to six other cities. While he did not reveal the names of the cities, he said they all have metro systems.

SmartE plans to introduce mini electric vans, which can seat six to 10 people, as another last-mile connectivity option in the near future, Srivastava added.

SmartE will also use the funds to expand its charging infrastructure, including plug-in charging and battery swapping solutions. It already claims to have the country’s largest EV charging infrastructure, spread across five large ‘Park & Charge’ hubs, which can concurrently charge over 800 electric three-wheelers.

Srivastava said, “Mitsui and SmartE share common values, that of sustainable business growth while creating a positive impact on the society we live in. At SmartE we are committed to transforming the last-mile connectivity paradigm in the country and to creating a global benchmark for electric mobility adoption,”

He also revealed that the company is evaluating electric two-wheelers with a “fair bit of seriousness”, with options such as bike taxis.

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Published on July 22, 2019
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