Sunil Paul is an internet entrepreneur born on 12th November 1964 in Punjab, India. He has founded many companies such as Freeloader, and Brightmail.
He was also the CEO and co-founder of Sidecar, which is an on-demand P2P taxi service that has its operations based in San Francisco.
In 2021 he launched a fintech company that he believes to encourage the adoption of electric vehicles.
The company is called Spring Free EV. It aims to tackle the high upfront costs of electric vehicles.
Spring Free EV
Spring Free EV is a newly launched company by Sunil Paul, who is the CEO of the company.
The primary objective of Spring Free EV is to handle the high upfront costs of electric vehicles, which is considered the biggest barrier to its widespread adoption. It offers financing and charges a fee per mile of use.
According to Paul, Spring Free’s approach will help lower the cost of electric vehicles, especially for high mileage drivers.
Spring Free EV is in the start-up stage. Its first clients, fleet managers, acquire bulk cars and have a strong demand for electric vehicles on ride-sharing and consumer car-sharing platforms.
The Spring Free EV Company is co-founded by Paul with Cassandra John and Martin Lagod. They are aiming to reduce carbon emissions by one gigaton by 2030. This means they have plans to double the number of electric vehicles worldwide. It is expected that they will take the numbers from 100 million to 200 million.
It is predicted that there will be more than 166 million electric vehicles on the road by 2030. So reaching 200 million will be easy for Paul and his company.
The company is aiming to increase the adoption of electric vehicles by tackling the barriers. They are going to do it by reducing the price.
Spring Free is backed by several high-profile investors. The list includes Reid Hoffman (co-founder of LinkedIn), Ev Williams (founder of Twitter),
The company has also made contracts with electric car manufacturers like Nissan and Tesla to acquire cars in bulk. They will then supply the cars to medium and small-scale fleet managers who will pay based on the mileage agreement.
The efforts made by Sunil Paul and his team are expected to improve the adoption mark of electric vehicles in the coming future.