Funding round
Sun King Series D
Sun King, which works in off-grid solar energy solutions in Mumbai, raised $70M in a Series D round announced on 15 Dec 2022, led by LeapFrog Investments, at a $330M post-money valuation. 1 firm took part. It is Sun King's second venture round on record; the one before was a Growth in Sep 2020.
$70M
Amount raised
$330M
Post-money valuation
1
Investors
1 lead
21%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Sun King at $330M after the new money. The $70M bought investors about 21% of the company. It came 27 months after Sun King's Growth. It is 35% of the $200M Sun King has raised in the venture rounds on record. Sun King raised again 36 months later: a Growth round of $40M in Dec 2025.
Sun King's funding rounds
Sun King has 3 venture rounds on record and 7 other deals. This one is highlighted.
- Private Equity not a venture round 6 Dec 2017 $60M
- Growth 22 Sep 2020 $90M
- Debt not a venture round 27 Oct 2021 $75M
- Other not a venture round 2 May 2022 $260M
- Series D this round 15 Dec 2022, led by LeapFrog Investments $70M$330M post-money
- Debt not a venture round 30 May 2023 $130M
- Debt not a venture round 16 Jan 2024 $7.0M
- Debt not a venture round 15 May 2025 $80M
- Debt not a venture round 28 Jul 2025 $156M
- Growth 12 Dec 2025, led by Lightrock $40M
Investors
Who put money in
LeapFrog Investments led the round.
Lead investor
- backs 19 venture-backed companies new investor
Joined the board: LeapFrog Investments (LeapFrog Investments).
Use of proceeds
What the money is for
According to the announcement, the money goes to geographic expansion, scaling operations and working capital.
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time: 2 in Solar Energy Company, then Series D rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Enpal Solar Energy Company | 9 Jan 2023 | $230M | $2.35B | TPG |
| Solar Energy Company | 24 Oct 2023 | $43M | not disclosed | STOA Infra & Energy |
| Health Care Services | 8 Dec 2022 | $82M | $699M | not named |
| KreditBee Loans & Financing | 2 Dec 2022 | $80M | not disclosed | Premji Invest |
| Medical Supply Manufacturers | 21 Dec 2022 | $72M | $717M | not named |
| Tech Companies | 13 Dec 2022 | $50M | $1.00B | Ontario Teachers’ Pension Plan |
| Loans & Financing | 15 Dec 2022 | $36M | not disclosed | FMO |
| Pharmaceutical Products | 1 Dec 2022 | $35M | not disclosed | Pfizer |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Sun King raise in its Series D round?
Sun King raised $70M in its Series D round, announced in Dec 2022.
Who led Sun King's Series D round?
LeapFrog Investments led it.
What was Sun King's valuation at the Series D round?
$330M post-money.
Did Sun King raise again after this round?
Yes: a Growth round in Dec 2025 of $40M.