Maini Group co-founded SUN Mobility raises $135 million to fund its global foray

SUN Mobility, an energy infrastructure and battery swapping solutions provider for electric vehicles jointly founded by SUN Group and the Maini Group, has raised $135 million in the last one year to fund its expansion activities, said the firm on Tuesday.

Helios Climate, Africa’s climate-focused investment platform, in partnership with the Private Infrastructure Development Group (PIDG), made an undisclosed investment in SUN Mobility, on Tuesday.

SUN Mobility’s other investors include IOCL, Vitol (parent of Vivo Energy, Africa’s largest fuel retailer), and Bosch.

This capital infusion would drive the company’s plans to set up the largest battery swapping network in Africa and also to fuel SUN Mobility’s domestic growth.

Chetan Maini, co-Founder and chairman, SUN Mobility said: “We’ve built a modular, fast, and scalable battery swapping ecosystem that adapts to real-world mobility needs. With over 1.4 million monthly swaps in India and growing global interest, we’re excited to extend our proven model to emerging markets like Africa.’‘