India-Focused PE Firm One Planet Partners Launches Maiden Fund with SMTB Partnership

India-focused private equity firm One Planet Partners has launched its maiden fund and established a strategic partnership with Japan’s Sumitomo Mitsui Trust Bank (SMTB). The initiative targets the deployment of over ₹3,000 crore, with a first close scheduled for mid-2027.

As part of the agreement, SMTB has made a strategic equity investment in One Planet Partners and serves as an anchor investor for the firm's dedicated private equity fund. The fund is structured to provide scale-up capital ranging between ₹100 crore and ₹500 crore to mid-market businesses. Eligible companies are expected to have revenues between ₹200 crore and ₹2,000 crore, with a primary focus on the energy transition, mobility, and manufacturing sectors.

One Planet Partners was founded in 2024 by a team of four partners. The founding team includes Dr. Mukund Rajan and Bobby Pauly, both formerly associated with Tata Capital’s private equity business; Mrinalini Mirchandani, previously a Senior Partner at McKinsey & Company India; and Sheetal Thakkar, whose background includes working at Blackstone and Tata Capital.

Ahead of this formal fund launch, the firm completed its first investment by participating in a $93-million Series C funding round for Bengaluru-based electric mobility company Yulu Bikes. Yulu, which is backed by investors such as Bajaj Auto and Magna International, operates in the last-mile transportation and delivery space, catering to the e-commerce and quick-commerce sectors.

The collaboration between One Planet Partners and SMTB highlights a broader trend of Japanese institutional capital entering India’s private markets. SMTB has identified India as a significant long-term investment destination, reflecting continued foreign institutional interest in the country's mid-market economic segments.

"The entry of One Planet Partners with backing from Japan's Sumitomo Mitsui Trust Bank demonstrates the growing confidence of foreign institutional investors in India's mid-market ecosystem. Targeting sectors like energy transition, mobility, and manufacturing aligns well with long-term structural growth trends. For mid-sized businesses with proven revenues, the availability of scale-up capital ranging from ₹100 to ₹500 crore fills a vital funding gap and supports sustainable expansion." — Dr. Shishir Gupta, Founder & CEO, StartupLanes