Chennai-based logistics startup Fyn has entered into a strategic partnership with EV manufacturer Euler Motors to procure 2000 fast-charging Euler HiLoad electric three-wheelers. This deal will enable Fyn to expand its fleet rapidly and enter new geographic markets like Mumbai, Delhi and Coimbatore over the next 18-24 months.
Key Highlights of the Partnership
- 2000 Euler HiLoad EVs: Fyn will procure 2000 units of Euler Motors’ flagship electric three-wheeler model Euler HiLoad to electrify its logistics fleet. Euler Motors will deliver the EVs over the next 18 months.
- Fast charging advantage: The HiLoad EV can be charged from 0 to 100% within 90 minutes, enabling quick redeployment of vehicles. This is a significant advantage for logistics companies like Fyn.
- Expanding geographic footprint: The new EVs will allow Fyn to expand beyond its current operating cities of Chennai, Hyderabad, and Bangalore. The company aims to enter Mumbai, Delhi, and Coimbatore by 2024.
- Financing secured: Fyn has secured financing from Petronas-backed Gentari Capital to fund this deal and its expansion plans.
- Largest EV logistics fleet: With this deal, Fyn aims to have the largest fast-charging electric three-wheeler logistics fleet in India with over 5000 vehicles by 2024.
The Fyn-Euler Partnership in Context
The collaboration comes at a time when Fyn is witnessing rapid growth, with a 20% month-on-month increase in revenue. The company currently has an active fleet of over 500 electric vehicles.
For Euler Motors, this deal represents a major win as it looks to establish itself as a leading EV manufacturer in the fast-growing Indian market.
The logistics industry is expected to be one of the early adopters of EVs given the suitability of short-range transport use cases. Euler Motors’ HiLoad EV, with its fast charging capability, is well-positioned to cater to this demand.
Overall, the Fyn-Euler partnership marks an important milestone in the electrification of last-mile logistics in India. It promises to bring cleaner and more cost-effective mobility to the logistics industry while enabling the rapid growth of two homegrown companies.
