Airalo Hits Unicorn Status, Eyes Expansion with $220M Investment

Airalo, a global eSIM provider based in Lewes, Delaware, has raised $220 million in a funding round led by new investor CVC. The round included $185 million from CVC and pushed Airalo’s valuation above $1 billion, making it the first unicorn in the eSIM industry.

The company said the fresh capital will be used to enhance customer experience, develop new products, expand support services, and deliver greater value to users. With over 20 million travelers across 200+ destinations using its platform, Airalo plans to roll out a redesigned app and unlimited data plans later this summer.

Founded in 2019, Airalo operates in the mobile connectivity space with its eSIM technology, enabling users to switch networks without the need for physical SIM cards. This digital-first approach has attracted over 20 million users globally, backed by investors like Peak XV and Antler Elevate. The new capital will support the development of flexible data plans, enhanced customer support, and an improved user experience. Airalo was part of Peak XV’s second Surge cohort. Airalo was part of Peak XV’s second Surge cohort.

Airalo’s rapid growth is fueled by rising global demand for affordable and seamless mobile connectivity. Operating in over 200 countries and regions, the company enables travelers to access mobile data at a fraction of traditional roaming costs. It plans to introduce a new app experience and an expanded range of eSIM bundles this summer, including unlimited data plans and dedicated voice, text, and data packages in select markets.

CEO and co-founder Ahmet Bahadir Ozdemir described the investment as a “major milestone” for both Airalo and the future of international connectivity. He said the funding will help the company streamline the user journey, increase plan flexibility, and accelerate innovation in eSIM solutions for both individual and business users.

The $220 million round was led by CVC, with $185 million coming from its Asia Fund VI. The fund’s involvement signals strong interest in Asia’s growing demand for digital mobile solutions. Existing investors, including Peak XV and Antler Elevate, also joined the round. 

CVC Managing Partner Siddharth Patel said Airalo is the clear leader in the travel eSIM space and well-positioned to redefine how travelers stay connected. He highlighted that the digital eSIM market, while already worth $1 billion, is still in its early stages and set for significant expansion. Patel praised Airalo’s scalable model and its ability to grow organically.

The company is also expanding its enterprise offerings, allowing businesses to provide travel connectivity to employees and customers via API integrations, reseller tools, and voucher programs. With a remote team across 55 countries, Airalo is scaling both its consumer and enterprise platforms to meet global demand.

While Airalo leads the eSIM market, others are also drawing investor interest. In June, Kolet raised $10 million in Series A funding, and Truely secured $2 million, signaling growing momentum in the sector. However, with its unicorn status and extensive user base, Airalo remains at the forefront of digital travel connectivity.