One Planet Partners launches maiden private equity fund, announces strategic partnership with Sumitomo Mitsui Trust Bank
Mumbai – One Planet Partners, an India-focused private equity firm, today announced a strategic partnership with Japan’s Sumitomo Mitsui Trust Bank (SMTB), and the launch of its maiden private equity fund. The Japanese financial institution has made a strategic equity investment in One Planet Partners, alongside the anchoring of a dedicated private equity fund managed by One Planet. This collaboration marks the formal launch of One Planet’s investment program targeting high-growth businesses benefiting from India’s energy transition, mobility and manufacturing-led industrial expansion.
Founded in 2024, One Planet is an asset management firm established by four founding partners: Dr Mukund Rajan and Mr Bobby Pauly, both of whom played central roles within the Tata Group and were instrumental in launching and leading its private equity business at Tata Capital; Ms Mrinalini Mirchandani, the first female Senior Partner at McKinsey & Co India who led Private Equity for the firm in India; and Ms Sheetal Thakkar, who brings investment experience from leading firms, including Blackstone and Tata Capital.
One Planet Partners will focus on high-growth mid-market businesses, providing scale-up capital of INR 100 – 500 Cr to enterprises with attractive unit economics and revenue between INR 200 and 2000 Cr. Its investment strategy spans energy, mobility and manufacturing, focusing on businesses positioned to benefit from India’s structural economic growth, energy transition and industrial transformation. The firm aims to combine growth capital with active ownership and operational expertise to help businesses scale and strengthen their competitive positioning.
Dr. Mukund Rajan, Founder and Chairperson, One Planet Partners, said: “We are deeply honoured by SMTB’s confidence in our vision and team. Their commitment is a powerful endorsement of the strengthening ties between India and Japan. 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.”
Commenting on the investment, Mr Kazuya Yoneda, General Manager – Equity Investment Department, of Sumitomo Mitsui Trust Bank, said: “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. We look forward to building a long-term partnership across asset classes.”
Bobby Pauly, Founder and Managing Partner, One Planet Partners, 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 commenced capital deployment, with Bengaluru-based electric mobility company Yulu Bikes Private Limited marking the first investment by the platform. The investment was made as part of Yulu’s US$93 million Series C funding round. Backed by strategic investors including Bajaj Auto and Magna International, Yulu is the market leader in the last-mile transportation and delivery, with its technology-enabled electric mobility solutions, and serves India’s rapidly expanding quick-commerce, e-commerce and home-services ecosystems. The investment reflects One Planet Partners’ focus on commercially scalable businesses benefiting from structural growth opportunities, including electrification, efficient urban mobility and India’s expanding digital economy.
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