Cut the fennel bulb and the courgette into dices or slices. Keep some nice fennel slices and courgette dices to garnish the soup.
Sauté the chopped onion with the olive oil over medium heat for 4 minutes until translucent, add the garlic, thyme and a pinch of salt and cook for one more minute.
Add the fennel and courgette, stir to combine and add the vegetable stock and the red chili. Bring to the boil and cook for 10-15 minutes until the vegetables are soft.
Season the soup to taste and blend the vegetables to a smooth texture.
Sauté the remaining courgette and fennel in olive oil until tender but still a bit crunchy to garnish.