EVaaS Startup Fyn Mobility Raises $2.5Mn Funding

The Chennai-based Fyn Mobility, which operates India’s largest fast charging fleet and has built India’s first vertically integrated EV-as-a-Service (EVaaS) company, has raised $2.5 million in a fresh funding round.

This round was led by angle investors including, Vijay Kedia (ace public market investor), Lloyd Balajadia (promoter of Philippines Pharma Major Lloyd Laboratories), and Rahul Bothra (Swiggy CFO). 

The EV-as-a-service (EVaaS) startup said it will use the funds to grow its electric vehicle fleet, improve its technology, and expand into international markets, especially in Southeast Asia.

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Fyn is also in talks with investors to raise $10 million to support its global expansion and tech upgrades.

The company plans to use the funds to grow its EV fleet faster and expand into new areas while improving its tech platform.

Fyn currently has over 1,000 electric vehicles and employs 1,500 people. It aims to grow its fleet to more than 10,000. The company is already profitable in major cities like Bangalore, Chennai and Hyderabad. Its vehicles can be fully charged in 15 minutes and are ready to go in under 30 minutes. 

“We’re building the future of mobility. Fyn’s vision is to become the world’s largest tech enabled supplier for the mobility sector. This has the potential to become larger than most of the aggregator and marketplace models in the market. Fyn is building out a unique and scalable business model which will redefine the mobility industry for good with a tech plus execution game at a fraction of the funding raised by other startups”, said Visakh Sasikumar, Co-Founder and CEO of Fyn.

The startup said it partners with major companies like Amazon, flipkart, Blue Dart, and Porter, helping them reduce logistics costs by up to 20%, deploy fleets smoothly, and improve operations with data insights.

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