SUN Mobility Gets Debt Financing from cKers Finance to Accelerate EV Deployment

Chetan Maini-led SUN Mobility has received debt financing from cKers Finance, an NBFC focused on financing sustainability and clean energy in India.

February 24, 2022. By Manu Tayal

Chetan Maini-led SUN Mobility has received debt financing from cKers Finance, an NBFC focused on financing sustainability and clean energy in India.

However, the company didn’t disclose the financing amount.

2017-founded SUN Mobility, a provider of energy infrastructure and services for electric vehicles (EVs), will use the received capital in accelerating the deployment of EVs integrated with its swappable batteries as part of the MaaS (Mobility as a Service) model.

Talking about the cKers facility, Chetan Maini, co-founder and Chairman, SUN Mobility said, “SUN Mobility is currently engaged with a number of OEMs, fleet operators, financers and end consumers to develop a robust EV ecosystem in India. Our technology solution addresses the key challenges such as high upfront cost, range anxiety, battery life along with providing maintenance and insurance bundled in our MaaS offering. Our swappable battery technology developed over years of R&D guarantees a stress-free ride to our driver partners, this technology coupled with tie-ups with reputed OEMs are designed to address the end-user hindrances which in turn will enable a smoother and faster transition to EVs. We are targeting to deploy over a million EVs by 2025, towards achieving this goal. We are excited to partner with cKers’ to enable deployment of electric vehicles in India.”

Under the partnership, the company has already started deploying hundreds of high-capacity Piaggio Ape e-Xtra electric three-wheelers (e3Ws) with third-party logistics (3PL) service providers.

SUN Mobility has launched e3Ws that offer them a high payload (500 kg+) and unlimited battery range (2-minute swaps).

Its MaaS model allows customers to onboard vehicles with no upfront capital cost or needs to own the vehicle. With this all-in bundled solution, the customers pay a monthly rental where the vehicle is provided to them with unlimited battery swaps, extending the vehicle range and operating hours.

Commenting on the partnership, Deepak Gupta, Business Development Head at cKers said “We are excited to have partnered with SUN Mobility, which shares our vision of promoting sustainability in transportation. The last-mile delivery segment is poised to see a significant deployment of eSCVs (Electric Small Commercial Vehicles) fleets over the next 3 years given the strong operating cost advantage. cKers has been investing in EVs for over 2 years now and has already committed lines enabling the deployment of over 2,500 e2Ws and 1,000 electric e3W-loaders by the end of the current financial year, giving it a head start in financing clean mobility. cKers is bullish about the evolution of a strong EV ecosystem and the growth that it will create for the Indian economy.”
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