Mitsui & Co. ('Mitsui') announced today that it will invest approximately USD14 million in Treasure Vase Ventures Private Limited, the owner and operator of SmartE, India's first and largest three wheeler electric mobility service.
SmartE has an agreement with the Delhi Metro Rail Corporation to provide a shared 'first and last mile' mobility service to connect commuters within a 5 km radius of stations to the vast and growing metro network.
Commuters are able to access the four-seater electric three-wheelers from dedicated stands outside of metro stations. The service provides a convenient, safe, and affordable means of shared transportation, while reducing congestion and impact on the environment.
India is promoting the adoption of electric vehicles under its National Electricity Mobility Mission Plan, to achieve a reduction of greenhouse gases, alleviate air pollution, and protect energy security.
Since launching in 2015, SmartE has already grown to serve commuters from 12 metro stations and has a fleet of 800 electric three-wheelers and five charging hubs. SmartE has served over 35 million commuters to date.
Mitsui's investment will help SmartE to rapidly grow its fleet to 50,000 electric three-wheelers in the next four years and expand its area of service coverage in the Delhi National Capital Region (NCR) and other cities across India.
Shinichiro Omachi, Managing Director of Mitsui & Co. India said: "Growing urbanization in Delhi-NCR is driving demand for transportation, including first and last mile services, placing a greater burden on the environment. We are proud to partner with SmartE, a true pioneer in the electric mobility service space, who shares our commitment for sustainable business development and alleviating pain points to improve living standards for communities."
The investment in SmartE supports Mitsui's Medium-term Management Plan strategy that prioritizes mobility as a new growth area, and aligns with the company's goal of creating eco-friendly societies by solving key environmental challenges.
Mitsui & Co. (8031: JP) is one of the largest and most prominent global trading and investment companies. Founded in Japan in 1947, the Group maintains a unique, unobstructed view of international markets through its worldwide network spanning across 66 countries, with a diversified business portfolio stretching across six key sectors.
Working in partnership with many of the world's most prominent private companies, Mitsui & Co.'s outstanding long-term performance is founded on its core business areas of Energy and Resources, Machinery & Infrastructure, and Chemicals. These strong and expanding legacy businesses provide a stable platform across bold and increasingly innovative areas of Mobility, Healthcare, Nutrition & Agriculture, and Retail & Services.
Mitsui & Co.'s success is also founded on its adaptable approach to partnerships, which offers it unparalleled insights into the world's broad economic drivers. These insights enable Mitsui leaders to identify trends and opportunities for growth while driving effective collaboration across its businesses to harness synergies and realize additional value.
SmartE is India's first shared electric mobility service and is the largest electric vehicle operator in the country. It has served over 35 million commuters since its launch nearly four years ago. Apart from building an ecosystem of partners in the electric mobility space, SmartE has also set up India's largest EV charging infrastructure with a captive capacity to charge more than 800 vehicles concurrently. For more details visit: www.getsmarte.in
Mitsui in India
Mitsui has a long-standing and widespread presence in India. Since the 1950s, Mitsui has progressively grown and expanded in the country to operate across a diversified portfolio of businesses. Today Mitsui has investments in steel, power infrastructure, chemicals, logistics, motorcycles, bathroom products, healthcare, pharmaceuticals, fast moving consumer goods, and television shopping. Mitsui has offices in New Delhi, Mumbai, Chennai, Kolkata, and Hyderabad.
The following are some of Mitsui's recent investment activities in India:
- 1. Mitsui to bring Japanese curry restaurant chain CoCo ICHIBANYA to India
- 2. Mitsui and Mahindra Susten to co-invest in distributed solar power projects in India
- 3. Mitsui invests in GOQii, a preventive healthcare platform business in India
- 4. Mitsui invests in OMC Power, an Indian renewable energy based mini grid operator
- 5. Mitsui invests in TV shopping startup Naaptol