SmartE, an Indian electric vehicle fleet operator, has secured 100 crore rupees ($14.5 million) in Series B funding from Japanese chemicals to food company Mitsui & Co., Ltd.
SmartE, a subsidiary of Treasure Vase Ventures Pvt. Ltd., plans to use the net proceeds from the fundraising to expand into new markets.
The startup noted that with the deal, it intends 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 northern region in the next two years.
In 2017, SmartE had landed $5 million in Series A funding from Singapore-based Ecotransit Investments International Pte Ltd.