Fyn Mobility Secures $2.5M to Expand EV Fleet and Enter Southeast Asia

May 19, 2025

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Chennai-based electric vehicle-as-a-service (EVaaS) startup Fyn Mobility has raised $2.5 million in a funding round led by investor Vijay Kedia, Lloyd Balajadia (promoter of Philippines-based Lloyd Laboratories), and Swiggy CFO Rahul Bothra.

The company plans to utilize the capital to expand its electric vehicle fleet, enhance its technology stack, and foray into international markets, with a focus on Southeast Asia. Fyn Mobility is also in discussions to raise an additional $10 million for its international expansion and technology scale-up.

Strategic Expansion into Southeast Asia

Fyn Mobility aims to leverage the new funding to extend its operations beyond India, targeting Southeast Asian markets such as Indonesia, Vietnam, and the Philippines. These regions are experiencing a surge in electric vehicle adoption, driven by government incentives and a growing emphasis on sustainable transportation.

By entering these markets, Fyn Mobility seeks to capitalize on the increasing demand for efficient and eco-friendly last-mile logistics solutions.

Fleet Optimization

The company plans to invest in technological enhancements, including the development of a cost-effective two-wheeler electric vehicle priced between ₹65,000 and ₹70,000, specifically designed for the B2B logistics market.

This initiative aims to address the challenges posed by rising costs and subsidy reductions in the EV sector. Additionally, Fyn Mobility is focusing on efficient fleet utilization strategies, such as cross-utilizing vehicles for multiple shifts and implementing rapid charging solutions, to improve unit economics and operational efficiency.

With the secured funding and strategic plans for expansion and technological innovation, Fyn Mobility is poised to strengthen its position in the EV-as-a-Service industry, both domestically and in the burgeoning Southeast Asian market.