Total amount raised
₹3.7 Billions
Latest funding date
10/01/2021
Location
SUN Mobility has successfully raised funding through corporate rounds, with notable investors including Vitol and MFV Partners. The company focuses on manufacturing electric vehicles, smart batteries, and swap point infrastructures.
Keep reading to explore the intricacies of SUN Mobility's fundraising journey and the investors backing this innovative platform.
What Is SUN Mobility?
SUN Mobility, founded in 2017, is based in Bangalore, Karnataka, India. The company specializes in manufacturing electric vehicles, smart batteries, and swap point infrastructures.
Founded by Ajay Goel, Chetan Maini, and Uday Khemka, SUN Mobility aims to reduce the upfront cost of electric vehicles by offering interoperable smart mobility solutions. Their services include Battery Swapping Technology, Battery-as-a-Service, and Mobility-as-a-Service.
With a workforce of 501-1000 employees, SUN Mobility is dedicated to addressing range anxiety and reducing charging time for electric vehicle users through their innovative solutions.
How Much Funding Has SUN Mobility Raised?
- Corporate Round
- Amount Raised: $50 million
- Date: October 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, increase the number of Swap Points, and partner with various OEMs and fleet operators.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Not publicly disclosed
Total Amount Raised: $50 million
Current Valuation: Not publicly disclosed
Key Investors
- Vitol
- Details: Vitol is a global energy and commodities company, known for being one of the world’s largest independent traders of energy. They have been serving the energy markets for over 55 years and have committed significant capital to sustainable energy projects.
- Investment Focus Areas: Energy, commodities, logistics, zero-emission and renewable energy assets, sustainable energy projects
- Notable Investments: Not publicly disclosed
Information about other major investors in SUN Mobility was not found in the provided sources.
What's Next for SUN Mobility?
With the recent $50 million investment from Vitol, SUN Mobility is poised to expand its services across India and select global markets. The company plans to increase the number of Swap Points, partner with various OEMs and fleet operators, and introduce new business models. This expansion aims to electrify a significant portion of India's vehicle fleet, particularly the 160 million two and three-wheeler vehicles.
Future fundraising opportunities appear promising, as the growing interest in zero-emission and renewable energy projects could attract more investors. Strategic partnerships and collaborations will likely play a crucial role in supporting SUN Mobility's ambitious goals, including setting up 500 Swap Points by the end of 2022.
However, challenges such as scaling up infrastructure, managing partnerships, and navigating regulatory dynamics could pose hurdles. Ensuring the affordability and accessibility of EV technology will be essential for SUN Mobility to maintain its competitive edge in the rapidly evolving electric vehicle market.
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