SUN Mobility, an energy infrastructure and battery swapping solutions provider, has secured investment from Africa-focused private equity firm Helios Investment Partners along with the Private Infrastructure Development Group (PIDG) to deploy its battery swapping network across the African continent.
Helios said in a statement the round brings the total capital raised by the Bengaluru-based company over the past year to around $135 million (around Rs 1,171 crore). Helios invested in the company through its climate-focused platform Helios Climate.
While Helios didn't disclose the amount it invested in the latest round, a spokesperson separately told VCCircle that it had put in about $60 million, in partnership with Infraco Asia, which is part of PIDG. "This money will be deployed across all SUN Mobility markets. Beyond India, we plan to deploy across Africa starting with Kenya, and across Southeast Asia, starting with Philippines," the spokesperson said.
SUN Mobility, founded in 2017 by the SUN Group and the Maini Group, said the investment will fuel the growth of its e-mobility supply chain in Africa and Southeast Asia. The company operates more than 900 battery swapping stations and powers a fleet of over 50,000 vehicles.
"With over 1.4 million monthly swaps in India and growing global interest, we’re excited to extend our proven model to emerging markets such as Africa," said Chetan Maini, co-founder and chairman, SUN Mobility.
"The region’s rapid urbanization, reliance on two and three-wheelers, and need for robust HEV (heavy electric vehicle) solutions position it perfectly to leapfrog into clean mobility,” he added.
SUN Mobility claims its interoperable battery technology, developed and manufactured in India, services two-wheelers, three-wheelers, four-wheelers, and HEVs across multiple global original equipment manufacturers (OEM). It counts investors such as Indian Oil Corporation Ltd (IOCL), African fuel retailer Vivo Energy parent Vitol, and German engineering and technology firm Bosch.
In India, the company has formed a 50:50 joint venture with IOCL, called Indofast Swap Energy, to scale battery swapping networks across India.
Helios Investment Partners hit the first close of the climate-focused investment vehicle nearly one year ago at $200 million. The CLEAR Fund, operated by Helios Climate, has raised capital from several development finance institutions (DFIs) and is aiming to raise $400 million for the fund.
Last year, the PE firm led Indian banking technology provider M2P Fintech's Rs 850 crore Series D round, which also saw participation from major banks across Asia and existing investor Flourish Ventures.