Bengaluru-based electric vehicle startup Fyn Mobility has secured $2.5 million (approx. ₹21 crore) in a recent funding round led by a consortium of prominent investors, including noted public market investor Vijay Kedia, Lloyd Laboratories promoter Lloyd Balajadia, and Swiggy’s Rahul Bothra.
The fresh capital will be directed towards expanding Fyn’s electric vehicle fleet, enhancing its proprietary technology platform, and widening its operational footprint across India.
Commenting on the funding, Fyn cofounder and CEO Visakh Sasikumar stated, “The capital infusion comes at the right time as we aim to become the first profitable player in this space.” The company is also reportedly in advanced discussions to raise an additional $10 million to further support its growth.
Founded in 2013 by Visakh Sasikumar and Manu Iyer, Fyn initially focused on EV sales but transitioned in 2021 to an EV-as-a-Service model, offering electric scooters primarily for last-mile delivery in response to growing demand from e-commerce and local logistics.
The company’s fleet is currently over 1,000 EVs, with ambitions to scale that number to 10,000. Fyn claims its rapid charging infrastructure allows fleets to be charged in 15 minutes and redeployed within 30 minutes, setting a new benchmark in turnaround time for logistics.
Fyn’s clientele includes major players such as Amazon, Flipkart, Blue Dart, and Porter. It also touts a 20% reduction in logistics costs and the provision of data-driven operational insights to its partners.
In 2023, former Ola and Unacademy executive Niroop Janardhanan joined as Chief Business Officer and was later elevated to cofounder, reinforcing the leadership team as Fyn enters a new phase of scale.
Sector Overview
India’s EV logistics sector is seeing strong investor interest. Hala Mobility recently raised ₹51 crore in pre-Series A funding, and Alt Mobility secured $10 million in a Series A round led by Eurazeo. With companies like Swiggy committing to an all-electric fleet by 2030, the EV ecosystem is rapidly expanding.
According to Inc42, India’s EV market could reach $132 billion by 2030, with more than $3.7 billion in funding recorded in 2024 alone.
Fyn Mobility’s recent fundraising highlights the continued momentum in the EV-as-a-Service space and underscores investor confidence in tech-enabled logistics solutions for a greener future.
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