One Planet Partners has launched its first private equity fund, with Sumitomo Mitsui Trust Bank anchoring a vehicle that plans to deploy more than ₹3,000 crore.
Alongside the launch, the Mumbai asset manager said, comes a strategic partnership with the Japanese bank. The fund will deploy capital into Indian businesses it expects to benefit from the country's energy transition, changing patterns of mobility and manufacturing-led industrial expansion.
The bank, usually shortened to SMTB, has taken a strategic equity investment in the manager itself, not just in the fund. It is also the anchor investor in the dedicated vehicle One Planet Partners runs.
Cheque sizes and sector focus
The fund writes cheques of ₹100 crore to ₹500 crore. It expects the businesses it backs to have revenue of ₹200 crore to ₹2,000 crore, putting the vehicle squarely in India's mid-market, rather than at the early-stage or large-cap ends.
| Term | Detail |
|---|---|
| Target deployment | Over ₹3,000 crore |
| Cheque range | ₹100 crore to ₹500 crore |
| Revenue filter | ₹200 crore to ₹2,000 crore |
| Sector focus | Energy transition, mobility, manufacturing-led industrial expansion |
| Planned first close | Mid-2027 |
One Planet Partners describes its approach as pairing growth capital with active ownership and hands-on operating expertise, with the aim of helping portfolio companies scale and sharpen their competitive position.
Four founders, three previous employers
Mukund Rajan is founder and chairperson. The firm's four founding partners are Rajan, Bobby Pauly, Mrinalini Mirchandani and Sheetal Thakkar.
The firm’s four founding partners are Mukund Rajan, Bobby Pauly, Mrinalini Mirchandani and Sheetal Thakkar. Reports describe the team as former Tata Group and McKinsey executives.
What we know
- One Planet Partners was founded in 2024 and is based in Mumbai.
- The firm has four founding partners: Mukund Rajan, Bobby Pauly, Mrinalini Mirchandani and Sheetal Thakkar.
- The fund targets deployment of more than ₹3,000 crore.
- Sumitomo Mitsui Trust Bank took a strategic equity investment in the manager and anchors the fund.
- The first investment is Bengaluru-based Yulu Bikes, made through a $93 million Series C round.
- A first close is planned by mid-2027.
Still unclear
- How much the fund has actually raised, as opposed to its target.
- The exact date of the first close beyond the mid-2027 plan.
- The size of SMTB's equity stake and the amount it committed as anchor.
- The fund's domicile and legal structure.
- The dates of the formal launch and of the Yulu investment.
Rajan framed the backing as the foundation for a larger ambition.
With strong institutional support, our ambition is to build a world-class investment platform focused on high-growth businesses at the intersection of India's economic expansion, energy transition, and industrial transformation.
Yulu is the first cheque
Capital deployment has already started, with the first investment in Yulu Bikes Private Limited, a Bengaluru company whose electric two-wheelers serve last-mile transport and delivery for the quick-commerce and e-commerce sectors. Yulu's $93 million Series C funding round included the investment.
Yulu counts Bajaj Auto and Magna International among its backers.
Kazuya Yoneda, general manager of the equity investment department at Sumitomo Mitsui Trust Bank, said the deal rests on more than the size of the Indian market.
India is one of the world’s most compelling long-term investment destinations. Our strategic investment reflects confidence in both the market and One Planet Partners’ proven track record, institutional approach, and differentiated ability to access and create value in India’s private markets.
SMTB's move fits a wider pattern of Japanese institutional money moving into India's private markets. The bank describes the country as a compelling long-term destination for investment.
Where the accounts differ
One account puts the fund's target at ₹3,000 crore; the other says the firm plans to deploy over ₹3,000 crore. Both are targets, not sums raised.
The two accounts also describe the founding team differently. One names the four partners without further detail; the other adds their CVs and gives Rajan the title doctor.
How the two accounts describe the launch
Report A
Size language
- Fund targets ₹3,000 crore
- Founders named without previous employers
Report B
Size language
- Firm plans to deploy over ₹3,000 crore
- Founders listed with previous employers at Tata Capital, McKinsey India and Blackstone
What is not yet public
Several details remain open. SMTB's equity stake in the manager and its anchor investment have not been disclosed. Nor have the fund's domicile and legal structure, or the exact dates of the launch and Yulu investment.
- 2024Firm founded
One Planet Partners is set up by four founding partners and based in Mumbai.
- LaunchMaiden fund announced
The firm launches its first private equity fund with Sumitomo Mitsui Trust Bank as strategic investor and anchor, targeting over ₹3,000 crore.
- First dealYulu Bikes
Capital deployment begins with an investment in Bengaluru's Yulu Bikes as part of a $93 million Series C round.
- Mid-2027Planned first close
One Planet Partners plans the first close of the fund.
The first close of the fund is planned by mid-2027, One Planet Partners said.
