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 Kedia Capital’s founder 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 company is already in talks to raise another $10 Mn funding to fuel its expansion plans.

Founded in 2013 by Sasikumar and Niroop Janardhanan, Fyn is an EV-as-a-Service startup which facilitates businesses with last mile delivery needs. The company counts ecommerce giants including Amazon, Flipkart, Blue Dart and Porter among its customers. Fyn claims to be offering more than 20% logistics cost reduction and data-driven operational insights.

It further claims to have more than 1000 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 company said in a statement.

With EVs being the need of the hour, every industry is trying to transition to the EV fleet and adapt this technology 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 as a part of its Pre-Series A funding round to scale up its EV fleet and expand into six additional cities across India.

During the same time EV leasing startup (around INR 84.3 Cr) in a Series A funding round led by existing investor Eurazeo.

Besides, foodtech major to an all-electric delivery fleet by 2030.

As per India’s EV market opportunity is expected to reach $132 Bn mark by 2030. The sector attracted more than $3.7 Bn worth funds in 2024.

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