One Planet Partners makes Yulu first investment in $93m round

One Planet Partners launched its maiden private equity fund on Thursday with Japan’s Sumitomo Mitsui Trust Bank and made Yulu Bikes its first investment in a $93 million round, The Economic Times reported Oct. 29.

The India-focused firm plans to raise more than ₹3,000 crore and provide ₹100 crore to ₹500 crore per deal, making the target at least six times the top end of its planned cheque size, according to Atlas360 calculations.

Sumitomo Mitsui Trust Bank made a strategic equity investment in One Planet Partners and anchored the fund, according to the report. The fund will target Indian mid-market companies with ₹200 crore to ₹2,000 crore in revenue.

“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,” Mukund Rajan, founder and chairperson of 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,” Bobby Pauly, founder and managing partner of One Planet Partners, said.

Private equity funds pool capital from institutional and other investors to buy stakes in companies that are not publicly traded. Growth capital is typically used by established businesses to expand operations, enter new markets or strengthen balance sheets without a full sale of control.

One Planet Partners was founded in 2024 by Rajan and Pauly, who helped launch and lead Tata Capital’s private equity business; Mrinalini Mirchandani, a former McKinsey & Co executive; and Sheetal Thakkar, who has investment experience at Blackstone and Tata Capital.

The strategy focuses on companies tied to India’s energy transition, new mobility and manufacturing-led industrial growth, according to the report. One Planet participated in Bengaluru-based Yulu Bikes Private Limited’s Series C fundraising, making the electric-mobility company its first disclosed investment.

For Sumitomo Mitsui Trust Bank, the partnership gives it exposure to Indian private-market growth through a locally led investment platform. Kazuya Yoneda, general manager of the bank’s equity investment department, said the bank’s investment reflects confidence in India’s long-term growth prospects and One Planet’s investment capabilities, according to the report.

The disclosed strategy places One Planet in segments where capital demand can be tied to policy, infrastructure and industrial investment cycles. The report said the firm is looking for businesses with attractive unit economics and the ability to scale, but did not identify additional portfolio targets.

The report did not disclose the size of Sumitomo Mitsui Trust Bank’s equity investment in One Planet Partners, the amount One Planet invested in Yulu, or the valuation attached to Yulu’s $93 million Series C round. It also did not state how much capital has been committed to the fund so far.

Mid-2027 fund milestone

The checkable milestone is One Planet’s plan to achieve the fund’s first close by mid-2027. A first close is the point at which a private equity fund has secured enough binding commitments to begin formal operations and draw investor capital under its fund documents.

Investors and companies in the target sectors can watch whether the first close confirms Sumitomo Mitsui Trust Bank’s anchor role and the scale of third-party commitments. The report gave no interim fundraising dates before mid-2027.

Further disclosures would also show whether One Planet’s initial deployment pace after the Yulu investment matches its stated plan to write ₹100 crore to ₹500 crore growth-capital cheques into companies with ₹200 crore to ₹2,000 crore in revenue.

Source: news report, The Economic Times, Oct. 29, 2026