Total amount raised
$135M
Latest funding date
2025-07-29
Location
SUN Mobility has successfully raised funding over three rounds, with the latest being a Venture - Series Unknown round. The company is backed by notable investors such as InfraCo Asia and Helios Investment Partners.
What Is SUN Mobility?
SUN Mobility, founded in 2016, is a private company based in Bangalore, Karnataka, India. It operates in the electric vehicle (EV) infrastructure and services industry, focusing on designing electric vehicles, smart batteries, and swap point infrastructures.
The company employs between 501-1000 people and has established a significant presence with its innovative battery swapping solutions. SUN Mobility aims to make EVs financially viable by offering batteries on a 'pay-as-you-go' model, addressing high upfront costs, range anxiety, and long refueling times.
How Much Funding Has SUN Mobility Raised?
- Funding Round: Series Unknown
- Amount Raised: USD 60,000,000
- Date: July 29, 2025
- Lead Investors: Helios Climate (in partnership with PIDG / InfraCo Asia)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand SUN Mobility's battery swapping network into Africa (starting Kenya) and Southeast Asia (starting Philippines), as well as fund domestic growth in India.
- Funding Round: Corporate Round
- Amount Raised: USD 50,000,000
- Date: October 20, 2021
- Lead Investors: Vitol
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate and expand services across India and select global markets.
- Funding Round: Series A
- Amount Raised: Not publicly disclosed
- Date: September 2020
- Lead Investors: Bosch (acquired 26% stake via Robert Bosch Investment Nederland B.V.)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate innovation, infrastructure scaling, and global expansion of SUN Mobility's EV energy services.
- Funding Round: Series Unknown
- Amount Raised: USD 25,000,000
- Date: 2019
- Lead Investors: Bosch
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop new electric vehicle technologies and expand manufacturing capabilities.
Total Amount Raised: At least $135M based on disclosed funding. Current Valuation: Not publicly disclosed.
Key Investors
- Helios Climate
- Details: Helios Climate is Africa's premier climate-focused investment platform, operating under Helios Investment Partners. It backs businesses accelerating the energy transition across Africa and emerging markets.
- Investment Focus Areas: Clean energy, climate transition, sustainable infrastructure, electric mobility.
- Notable Investments: SUN Mobility (2025), with a focus on deploying battery swapping networks across Africa.
- InfraCo Asia (PIDG)
- Details: InfraCo Asia is part of the Private Infrastructure Development Group (PIDG), a multi-donor organisation backed by the governments of the UK, Netherlands, Switzerland, Australia, Sweden, and Canada. It develops sustainable infrastructure projects in South and Southeast Asia.
- Investment Focus Areas: Renewable energy, water, transport, urban infrastructure.
- Notable Investments: Coc San Hydropower Project, Metro Pacific Investments, ReNew Power, SUN Mobility.
- Vitol
- Details: Vitol is a global independent energy trader and investor in zero-emission and renewable energy assets. They have been serving the energy markets for over 55 years and are the parent company of Vivo Energy, Africa's largest fuel retailer.
- Investment Focus Areas: Zero-emission and renewable energy assets, sustainable energy projects, electric vehicles.
- Notable Investments: Not publicly disclosed.
- Bosch
- Details: Bosch is a leading global provider of technology and services in the mobility ecosystem. It acquired a 26% stake in SUN Mobility in September 2020 and has since served as a technology partner.
- Investment Focus Areas: Mobility technology, electrification, IoT, industrial technology.
- Notable Investments: SUN Mobility, and numerous global technology ventures.
What's Next for SUN Mobility?
As SUN Mobility looks to the future, the opportunities are vast. The company plans to expand its services across India and select global markets, aiming to set up 500 Swap Points by the end of 2022. This expansion is bolstered by a significant market potential, with over 160 million two and three-wheeler vehicles in India alone. Partnering with various OEMs and collaborating with fleet operators and distributors, SUN Mobility is poised to introduce newer business models and add more vehicles to its Mobility as a Service (MaaS) offering.
Future fundraising opportunities appear promising, with the potential for further investments to support the expansion of Swap Points and other infrastructure. Strategic partnerships with global investors and energy companies could also play a crucial role in this growth. However, challenges such as scaling up infrastructure, ensuring affordability and accessibility of EV technologies, and navigating regulatory environments in different markets may pose hurdles along the way.
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