Sun Mobility bets on energy-tech pivot for bigger play in the EV-era; begins overseas journey

Even as the industry debates the benefits of a fixed and swappable battery option in an EV, Sun Mobility is going beyond battery swapping. After building one of India's largest battery-swapping networks, with nearly 1,900 stations over the past decade, the company is now separating its technology business from its network operations.

It prepares to commercialise its hardware, software and analytics platforms globally, beginning with Africa and Southeast Asia.

The strategic shift marks a significant evolution for the Bengaluru-based company, which built its business around enabling electric mobility through battery swapping.

While IndoFast Energy—its joint venture with Indian Oil Corporation—will continue expanding the asset-heavy swapping network in India, parent Sun Mobility will increasingly focus on developing and supplying energy technologies that can be deployed across mobility and stationary applications.

The first move under that strategy is already underway overseas. After soft launches in Africa and the Philippines, the company is now preparing for formal commercial launches in the coming months, marking the beginning of its international growth journey.

"Our DNA has always been that of a technology company," Co-founder and Chairman Chetan Maini tells ETAuto.

"Battery swapping was the first application. Today, we have capabilities across batteries, battery management systems, telematics, software platforms, analytics and charging technologies. These are core technologies that can now go well beyond swapping," Maini notes.

The restructuring reflects a broader shift taking shape in the EV industry. As charging and battery-swapping infrastructure gradually matures, technology providers are increasingly looking to monetise the underlying intellectual property—from battery management systems and software platforms to predictive analytics and energy management solutions—creating new revenue streams beyond network ownership.

We’re seeing interest around software services, battery management systems, fixed battery solutions and broader energy platformsChetan Maini, Co-founder and Chairman, Sun Mobility

Efforts to leverage tech, data to unlock value

Maini says Sun Mobility has filed around 400 intellectual property (IP) patents covering batteries, battery management systems (BMS), charging technologies, software platforms and swapping station architecture.

It designs batteries, BMS, telematics platforms, charging stations and software stacks in-house while manufacturing batteries and stations, giving it end-to-end engineering capabilities.

Its connected platform today monitors nearly 120,000 vehicles and analyses roughly 20 terabytes of operational data every day. Every connected vehicle streams around 140 operating parameters every second, which in turn allows the company to develop predictive models for battery health, charging behaviour, safety and fleet utilisation.

Those capabilities are now attracting interest from OEMs and energy companies seeking technology partners rather than infrastructure providers.

"We're seeing interest around software services, battery management systems, fixed battery solutions and broader energy platforms," Maini says, adding that discussions are underway with four to five OEMs as well as companies operating in the wider energy ecosystem.

The technology stack has also enabled Sun Mobility to expand beyond battery swapping into adjacent opportunities such as second-life battery applications, battery diagnostics, remote fleet management and energy storage solutions.

"The vision has always been around energy," says Maini, whose first project in the electric mobility space started with India’s first electric car – Reva i.

"It started with mobility, but today it extends into renewable integration, second-life applications and the broader energy ecosystem," he says.

The economics of battery swapping are particularly compelling in Africa, where nearly 90 per cent of motorcycles are used commerciallyChetan Maini

Africa emerges as first overseas market

Africa has become the launchpad for Sun Mobility's international ambitions, with Vivo Energy, Africa’s largest oil & gas company, as the partner.

Maini expects overseas markets to contribute around 25-30 per cent of the company's overall business over the next three to five years, with India remaining its largest market. The company expects to invest about $5-10 million during the first phase of international expansion before scaling through local partnerships and franchise-led deployment models.

The company has already established local teams, warehouses, battery-swapping stations, and strategic partnerships, including one with Vivo Energy. Electric three-wheelers developed with Piaggio have already been introduced, while commercial launches involving multiple motorcycle OEMs are expected shortly.

Maini said the economics of battery swapping are particularly compelling in Africa, where nearly 90 per cent of motorcycles are used commercially as taxis (called Boda Boda) and typically cover around 200 kms every day.

The company estimates that African markets currently add 10,000-15,000 electric motorcycles every month, although it believes the long-term opportunity is significantly larger.

The Philippines represents the second phase of Sun Mobility's overseas strategy, with the initial focus on commercial delivery fleets and electric tricycles before expanding into the broader consumer market. Unlike in India, where IndoFast handles network deployment, international operations will be managed directly by the parent company, Sun Mobility.

The future is not just about the product. It’s about the energy ecosystem behind itChetan Maini

Building the next growth engine

The strategic pivot also coincides with improved financial performance, and the current financial year is being bet on as pivotal for profitability. According to Maini, Sun Mobility's technology business is expected to report full-year profitability during this financial year.

IndoFast, while already gross-margin and EBITDA-positive, is likely to take longer to achieve net profitability due to ongoing investments in expanding its battery-swapping network.

Between July 2024 and July 2025, the company raised nearly $138 million, with the capital earmarked for international expansion, heavy-duty electric vehicle technologies, research and development, and next-generation products.

The raised capital also helped Sun Mobility launch what it claims as the world’s first Modular Multi-Battery Swappable Solution. Tata’s Starbus EV is the first platform to be integrated with the AIS-038-certified solution.

The Modular Multi-Battery Swappable architecture allows two batteries to be swapped at once, with the full process completed in under five minutes, cutting turnaround time and giving operators a meaningful gain in uptime and flexibility.

The modular design supports both 100 kWh and 50 kWh battery configurations and is compatible with vehicle segments ranging from 3T to 55T GVW.

Sun Mobility’s first-ever battery-swapping partnership was with another commercial vehicle major, Ashok Leyland, in 2017. That partnership had a relatively short life, as the CV maker later opted for a fixed-battery model.

The new moves now also reflect a larger shift in where value will be created as the EV ecosystem matures. "The future is not just about the product. It's about the energy ecosystem behind it," he said, while also adding that the engineering team has capabilities to offer energy solutions from 1.5 kW to 1MW.

That proposition will now be tested in overseas markets. Too early to say at what pace OEMs overseas will adopt independent technology platforms, but the company's latest strategic pivot underscores how India's EV ecosystem is entering a new phase — one where intellectual property, software and energy intelligence could become as valuable as the battery charging or swapping infrastructure itself.