One Planet Partners launches maiden PE fund, targets Rs 3,000 crore

Mumbai: One Planet Partners, an India-focused private equity firm founded by former Tata Group and McKinsey executives, has launched its maiden private equity fund in partnership with Japan’s Sumitomo Mitsui Trust Bank (SMTB), targeting investments of over ₹3,000 crore, it said on Thursday.

The firm plans to achieve the fund’s first close by mid-2027.

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SMTB has made a strategic equity investment in One Planet Partners and anchored the private equity fund managed by the firm.

The partnership will focus on high-growth Indian businesses benefiting from the country’s energy transition, expansion of new mobility solutions and manufacturing-led industrial growth, it said.

Founded in 2024, One Planet Partners was established by four investment professionals - Mukund Rajan and Bobby Pauly, who played key roles in launching and leading Tata Capital’s private equity business; Mrinalini Mirchandani, former McKinsey & Co executive and Sheetal Thakkar, who has investment experience at Blackstone and Tata Capital.

The firm will target mid-market companies with revenues of ₹200 crore to ₹2,000 crore, providing growth capital of ₹100 crore to ₹500 crore per investment. Its investment strategy spans energy, mobility and manufacturing, with a focus on businesses with attractive unit economics and the potential to scale, it said.

The firm has already begun deploying capital, with Bengaluru-based electric mobility company Yulu Bikes Private Limited marking its first investment. One Planet participated in Yulu’s $93 million Series C funding round.

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“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,” said Rajan, founder and chairperson of One Planet Partners.

SMTB’s investment reflects its confidence in India’s long-term growth prospects and the private equity firm’s investment capabilities, said Kazuya Yoneda, general manager of the bank’s equity investment department.

“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,” said Pauly, founder and managing partner of One Planet Partners.