Key Takeaways
- • One Planet Partners, an India-focused private equity firm founded in 2024 by former executives of Tata Group, Blackstone and McKinsey & Company, has launched its maiden fund with a target corpus of Rs 3,000 crore ($314.7 million).
- • Japan's Sumitomo Mitsui Trust Bank (SMTB) has made an equity investment in the firm and committed to anchor the fund as a limited partner.
- • The fund targets first close by mid-2027 and will provide growth capital of Rs 100-500 crore to mid-market companies with revenues of Rs 200-2,000 crore.
- • Investment focus spans energy, mobility and manufacturing, tied to India's energy transition and industrial expansion.
- • Yulu Bikes, a Bengaluru electric mobility company, is the firm's first investment, made as part of its $93 million Series C round.
Summary
One Planet Partners, an India-focused private equity firm founded in 2024, has launched its maiden fund with Sumitomo Mitsui Trust Bank (SMTB) as a strategic investor and limited partner, according to a statement from the companies. SMTB has taken an equity stake in the firm and committed to anchor the fund, which carries a target corpus of Rs 3,000 crore ($314.7 million). The fund is targeting its first close by mid-2027.
The firm is led by four founding partners: Mukund Rajan and Bobby Pauly, who held key roles at the Tata Group and helped establish and lead Tata Capital's private equity business; Mrinalini Mirchandani, the first female senior partner at McKinsey & Company India, who led the firm's PE practice in the country; and Sheetal Thakkar, who has investment experience at Blackstone and Tata Capital. Rajan serves as founder and chairperson.
One Planet Partners will target high-growth mid-market businesses, providing growth capital of Rs 100-500 crore to companies with revenues of Rs 200-2,000 crore and attractive unit economics. Its strategy centres on energy, mobility and manufacturing, targeting businesses positioned to benefit from India's energy transition, industrial expansion and broader economic growth. The firm says it aims to combine growth capital with active ownership and operational expertise.
The firm has already begun deploying capital, with Bengaluru-based electric mobility company Yulu Bikes Pvt Ltd as its first investment, made as part of Yulu's $93 million Series C round. Yulu, backed by strategic investors including Bajaj Auto and Magna International, provides technology-enabled last-mile electric mobility solutions serving quick-commerce, e-commerce and home-services sectors.
Kazuya Yoneda, general manager of SMTB's equity investment department, said India is one of the world's most compelling long-term investment destinations and that the investment reflects confidence in One Planet Partners' track record and institutional approach.
The firm is led by four founding partners: Mukund Rajan and Bobby Pauly, who held key roles at the Tata Group and helped establish and lead Tata Capital's private equity business; Mrinalini Mirchandani, the first female senior partner at McKinsey & Company India, who led the firm's PE practice in the country; and Sheetal Thakkar, who has investment experience at Blackstone and Tata Capital. Rajan serves as founder and chairperson.
One Planet Partners will target high-growth mid-market businesses, providing growth capital of Rs 100-500 crore to companies with revenues of Rs 200-2,000 crore and attractive unit economics. Its strategy centres on energy, mobility and manufacturing, targeting businesses positioned to benefit from India's energy transition, industrial expansion and broader economic growth. The firm says it aims to combine growth capital with active ownership and operational expertise.
The firm has already begun deploying capital, with Bengaluru-based electric mobility company Yulu Bikes Pvt Ltd as its first investment, made as part of Yulu's $93 million Series C round. Yulu, backed by strategic investors including Bajaj Auto and Magna International, provides technology-enabled last-mile electric mobility solutions serving quick-commerce, e-commerce and home-services sectors.
Kazuya Yoneda, general manager of SMTB's equity investment department, said India is one of the world's most compelling long-term investment destinations and that the investment reflects confidence in One Planet Partners' track record and institutional approach.
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