One Planet Partners, an India-focused private equity firm, has announced a strategic partnership with Japan’s Sumitomo Mitsui Trust Bank (SMTB) and the launch of its maiden private equity fund.
It is targeting a deployment of over Rs 3,000 crore and a first close planned by mid-2027.
Under the partnership, SMTB has made a strategic equity investment in One Planet Partners and anchored a dedicated private equity fund managed by the firm.
Founded in 2024, One Planet Partners plans to focus on 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 spans energy, mobility and manufacturing, targetting businesses that stand to benefit from India’s economic growth, energy transition and industrial expansion. The firm also aims to support portfolio companies through active ownership and operational expertise.
“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 Mukund Rajan, founder and Chairperson, One Planet Partners.
Rajan is one of the firm’s four founding partners. The others are Bobby Pauly, with whom he held key roles at the Tata Group and helped launch and lead Tata Capital’s private equity business; Mrinalini Mirchandani, McKinsey & Co India’s first female senior partner, who led its private equity practice in India; and Sheetal Thakkar, who has investment experience at firms including Blackstone and Tata Capital.
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 $93-million Series C funding round.
“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,” said Kazuya Yoneda, General Manager–Equity Investment Department, Sumitomo Mitsui Trust Bank.
