 "Electric vehicles")
EV-as-a-service platform Fyn on Wednesday said it has formed a strategic partnership with Euler Motors to procure 2,000 fast charging 3-wheeler EVs.
The order will fuel the company's plans to expand to new geographies within the domestic market, including Mumbai, Delhi, and Coimbatore.
Fyn also said it has secured funding from Malaysian energy group Petronas-backed Gentari for the entire order from Euler.
Euler Motors is all set to deliver 2,000 units of its flagship electric three-wheeler HiLoad over the next 18 months, the company said in a statement.
Gentari aims to establish a Vehicle-as-a-Service (VaaS) fleet in India, Malaysia and APAC to drive sustainable mobility switch and adoption, and is looking to have a 10 per cent market share of charging points and EVaaS across key markets in APAC, including India, Fyn said.
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To meet the growing demand from the logistics sector, Fyn is leveraging its innovative platform approach to unite all EV stakeholders on a single platform, it said.
"Our partnership with Euler is a significant step towards building a mass electric ecosystem, transforming intra-city transportation in the country," Visakh Sasikumar, Founder-CEO of Fyn, said.
Fyn claims to be growing 20 per cent month-on-month with an active fleet of over 500 EVs.
It presently operates in Chennai, Hyderabad, and Bengaluru.
The company aims to expand its footprint to Mumbai, Delhi and Coimbatore within the next 18-24 months, it said, adding that the collaboration with Euler will play a key role in enabling it to achieve its ambitious plans of having a 5,000-strong EV fleet by 2024.
"Our association with Fyn gives us an opportunity to not just expand our market reach across India, but also allows us to address critical aspects of EV ownership, fast charging infra and operational excellence," Saurav Kumar, Founder and CEO of Euler Motors, said.
Euler is looking to deploy 2,000 of its HiLoad EVs with Fyn over the next 18 months, he added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
