Fyn Mobility Bags $2.5 Mn To Expand Its EV Fleet

SUMMARY

The funding round is being led by a host of investors, including Vijay Kedia, Pharma Major Lloyd Laboratories’ promoter Lloyd Balajadia, and Swiggy’s Rahul Bothra

The Bengaluru-based startup plans to deploy the freshly raised funds in accelerating its fleet growth

Fyn plans to expand its global footprint with focus on Southeast Asian markets

EV startup Fyn Mobility has raised $2.5 Mn (around INR 21 Cr) in an undisclosed funding round led by a host of investors, including ace public market investor Vijay Kedia, Pharma Major Lloyd Laboratories’ promoter Lloyd Balajadia and Swiggy’s Rahul Bothra.

The Bengaluru-based startup plans to deploy the freshly raised funds in accelerating its fleet growth, enhance its tech stack and expand footprint.

“The capital infusion comes at the right time when Fyn is gearing up to become the first profitable company in this sector,” said Fyn cofounder and chief executive officer Visakh Sasikumar.

It is pertinent to note that the startup is already in talks to raise another $10 Mn in funding to fuel its expansion plans.

Founded in 2013 by Visakh Sasikumar and Manu Iyer, Fyn Mobility initially sold EVs. In 2021, as the Covid-19 pandemic swept the world, the startup pivoted to the EV-as-a-service model to offer electric scooters to local merchants and ecommerce companies for last-mile deliveries

In 2023, former Ola and Unacademy executive Niroop Janardhanan joined the mobility startup as the chief business officer and was later elevated as the cofounder of the company.

The startup counts Amazon, Flipkart, Blue Dart and Porter among its customers. Fyn claims to offer more than 20% logistics cost reduction and data-driven operational insights.

It further claims to have more than 1,000 EVs in the fleet currently and aims to boost this number to 10,000 vehicles.

“Fleets are charged in just 15 minutes and turned around for deployment in under 30 minutes, unlocking performance benchmarks unmatched by traditional logistics providers,” the startup said in a statement.

The EV Fleet Evolution

With EVs being the need of the hour, every industry is trying to transition to EV fleets to contribute towards a more sustainable environment.

The Indian EV segment is also getting a lot of traction from the investors.

One of Fyn’s competitors Hala Mobility recently raised INR 51 Cr in its pre-Series A funding round to scale up its EV fleet and expand into six additional cities across India.

Around the same time EV, leasing startup Alt Mobility raised $10 Mn (around INR 84.3 Cr) in a Series A funding round led by existing investor Eurazeo.

Besides, foodtech major Swiggy is also planning to transition to an all-electric delivery fleet by 2030.

As per an Inc42 report, India’s EV market opportunity is expected to reach the $132 Bn mark by 2030. The sector attracted more than $3.7 Bn funding in 2024.