Key Takeaways
- • One Planet Partners (OPP), a Mumbai-based asset manager founded in 2024 by former Tata Capital executives Mukund Rajan and Bobby Pauly, plans to raise an INR 3,000 crore private equity fund targeting energy transition, mobility and manufacturing.
- • Japan's Sumitomo Mitsui Trust Bank (SMTB) has acquired a stake in OPP and will anchor the dedicated fund, while also establishing a separately managed account for growth investments.
- • OPP targets a first close by mid-2027, focusing on mid-market businesses with annual revenues of INR 200 crore to INR 2,000 crore and offering growth capital of INR 100 crore to INR 500 crore per deal.
- • OPP has made its first investment in Bengaluru-based electric mobility company Yulu Bikes through participation in its USD 93 million Series C round.
Summary
One Planet Partners (OPP), an asset management firm founded in Mumbai in 2024 by former Tata Group executive Mukund Rajan and other investment professionals, plans to raise an INR 3,000 crore private equity fund. According to PTI, the fund will invest in businesses operating in energy transition, mobility and manufacturing-led industrial expansion.
Japan's Sumitomo Mitsui Trust Bank (SMTB) has acquired a stake in OPP and will anchor a dedicated private equity fund managed by the platform. SMTB has also announced a strategic partnership with OPP to establish a separately managed account aimed at expanding investments in growth companies, particularly in the energy and manufacturing sectors. Kazuya Yoneda, general manager in SMTB's equity investment department, said the bank's decision was based on India's long-term investment potential and the OPP team's track record, and expressed interest in a long-term partnership across asset classes.
OPP targets a first close by mid-2027. The firm plans to focus on high-growth mid-market businesses with annual revenues between INR 200 crore and INR 2,000 crore, expecting to provide growth capital of INR 100 crore to INR 500 crore per investment to companies with attractive unit economics and expansion potential. Its strategy combines growth capital with active ownership and operational support.
The firm has begun deploying capital. Yulu Bikes Private Limited, a Bengaluru-based electric mobility company, is its first investment; OPP participated in Yulu's USD 93 million Series C funding round, marking its entry into the mobility segment.
OPP was founded by Mukund Rajan, Bobby Pauly, Mrinalini Mirchandani and Sheetal Thakkar. Rajan and Pauly previously played key roles in launching and leading Tata Capital's private equity business, Mirchandani was a senior partner at McKinsey who led its India private equity practice, and Thakkar has investment experience at Blackstone and Tata Capital. Rajan, founder and chairperson, said the platform aims to build a business focused on companies at the intersection of India's economic growth, energy transition and industrial transformation. Pauly said the SMTB partnership would combine the bank's global reach and long-term capital with OPP's market access and sector knowledge. The first close will be a key milestone in gauging the fund's progress.
Japan's Sumitomo Mitsui Trust Bank (SMTB) has acquired a stake in OPP and will anchor a dedicated private equity fund managed by the platform. SMTB has also announced a strategic partnership with OPP to establish a separately managed account aimed at expanding investments in growth companies, particularly in the energy and manufacturing sectors. Kazuya Yoneda, general manager in SMTB's equity investment department, said the bank's decision was based on India's long-term investment potential and the OPP team's track record, and expressed interest in a long-term partnership across asset classes.
OPP targets a first close by mid-2027. The firm plans to focus on high-growth mid-market businesses with annual revenues between INR 200 crore and INR 2,000 crore, expecting to provide growth capital of INR 100 crore to INR 500 crore per investment to companies with attractive unit economics and expansion potential. Its strategy combines growth capital with active ownership and operational support.
The firm has begun deploying capital. Yulu Bikes Private Limited, a Bengaluru-based electric mobility company, is its first investment; OPP participated in Yulu's USD 93 million Series C funding round, marking its entry into the mobility segment.
OPP was founded by Mukund Rajan, Bobby Pauly, Mrinalini Mirchandani and Sheetal Thakkar. Rajan and Pauly previously played key roles in launching and leading Tata Capital's private equity business, Mirchandani was a senior partner at McKinsey who led its India private equity practice, and Thakkar has investment experience at Blackstone and Tata Capital. Rajan, founder and chairperson, said the platform aims to build a business focused on companies at the intersection of India's economic growth, energy transition and industrial transformation. Pauly said the SMTB partnership would combine the bank's global reach and long-term capital with OPP's market access and sector knowledge. The first close will be a key milestone in gauging the fund's progress.
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