One Planet Partners has launched its maiden private equity fund in partnership with Japan’s Sumitomo Mitsui Trust Bank (SMTB), targeting more than ₹3,000 crore for mid-market companies in India. The launch is a notable signal for startup funding in India, as large pools of patient capital continue to form around the country’s growth story.
The firm will focus on sectors such as energy, mobility and manufacturing, offering growth capital of ₹100 crore to ₹500 crore per company. Its first investment is Yulu Bikes, participating in the shared-mobility company’s $93 million Series C funding round.
One Planet Partners founder and chairperson Rajan said SMTB’s commitment is a powerful endorsement of the strengthening ties between India and Japan. SMTB general manager Kazuya Yoneda said the investment reflects confidence in India’s long-term growth prospects and the firm’s investment capabilities.
The partnership pairs SMTB’s global scale, investment expertise and patient capital with One Planet’s market access, thematic insights and business-building experience, the firm said. Mid-market companies, often too large for venture funds and too small for mega-buyouts, are the explicit target.
For founders, the fund’s arrival matters because growth-stage capital in India is increasingly coming from specialist managers with a sector thesis, rather than generalist pools. Energy transition, mobility and manufacturing are the themes One Planet has chosen to lead with.
Why it matters for founders
Founders approaching growth capital should map the new specialist funds, not just the famous venture names. A fund that writes ₹100 crore-plus cheques into your exact sector, with a Japanese institutional partner behind it, is a warmer door than a generalist investor learning your industry from scratch.