One Planet Partners, an India-focussed private equity firm founded by former executives from the Tata Group, Blackstone and McKinsey & Company, has launched its maiden fund, with Japan's Sumitomo Mitsui Trust Bank (SMTB) coming on board as a strategic investor and limited partner (LP), the companies said in a statement.
SMTB has made an equity investment in One Planet Partners and committed to anchor its maiden private equity fund. The fund has a target corpus of Rs 3,000 crore ($314.7 million) and is targeting its first close by mid-2027.
Founded in 2024, One Planet Partners is led by four founding partners: Mukund Rajan and Bobby Pauly, who held key roles within 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, where she led the firm’s PE practice in the country; and Sheetal Thakkar, who has investment experience at Blackstone and Tata Capital.
The firm 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 investment strategy will focus on energy, mobility and manufacturing, targeting businesses positioned to benefit from India's energy transition, industrial expansion, and broader economic growth. The firm aims to combine growth capital with active ownership and operational expertise to help portfolio companies scale up and strengthen their competitive positioning.
"With strong institutional support, our ambition is to build a world-class investment platform focussed on high-growth businesses at the intersection of India's economic expansion, energy transition, and industrial transformation,” said Rajan, founder and chairperson of One Planet Partners.
India is one of the world’s most compelling long-term investment destinations and SMTB’s 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, said Kazuya Yoneda, general manager, equity investment department at SMTB.
Talking about the partnership, One Planet Partners’ founder and managing partner Pauly said, "Our partnership pairs SMTB's global scale, investment expertise and patient capital with our team’s unique market access, thematic insights and business-building experience. By combining deep sector expertise, institutional discipline and active ownership, we aim to build the next generation of market-leading Indian businesses and create long-term value.”
One Planet Partners has already begun deploying capital, with Bengaluru-based electric mobility company Yulu Bikes Pvt Ltd as its first investment. The investment was made as part of Yulu's $93 million Series C funding round. Backed by strategic investors including Bajaj Auto and Magna International, Yulu provides technology-enabled electric mobility solutions for last-mile transportation and delivery. Its services cater to India's expanding quick-commerce, e-commerce and home-services sectors.
The investment aligns with One Planet Partners' focus on commercially scalable businesses benefiting from structural growth opportunities, including electrification, efficient urban mobility and the expansion of India’s digital economy.
