PE-VC Fund Investments
EV battery swapping operator SUN Mobility raises $60-M from Helios
Bengaluru-based battery swapping operator for electric vehicles SUN Mobility has raised USD 60 million from climate-focused investment platform Helios Climate and Infra Co Asia. The company has raised USD 135 million in total.The proceeds will be used by the company to launch battery swapping networks in India as well as Africa.Founded in 2017 by Uday Khemka, promoter of SUN Group and Chetan Maini, SUN Mobility provides battery swapping infrastructure for electric vehicles, aiming to make EVs more affordable and accessible.
In Dec 2021, SUN Mobility sold a minority stake to Vitol for consideration of USD 50-M. In Sep 2020, Robert Bosch acquired a 26% stake in the company.For FY24, SUN Mobility had reported about INR 274 Cr in Operating Income and about INR 111 Cr in Net Loss.
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