EV Logistics Firm Zyngo Raises $5 Mn In Pre-series A Funding
Zyngo EV Mobility Pvt. Ltd, which operates EV logistics firm Zyngo, has raised $5 Mn (Rs 41 crore) in a pre-Series A funding round led by Delta Corp Holdings. Existing investors LC Nueva Investment Partners LLP also participated in the funding round.
As per the startup, the freshly raised funds will be used to increase fleet size, geographical expansion, and develop the technology stack.
Zyngo | Creating Green Mile Delivery Milestones
Founded by Prateek Rao in 2020, Zyngo is a Gurugram-based tech-enabled third-party logistics service provider (3PL) enabling super-efficient, productive and timely hyperlocal deliveries across India using EV fleets.
Zyngo caters to business-to-business (B2B) and business-to-consumer (B2C) customers, focusing on intra-city logistics to fulfill their daily logistics and transportation needs.
Speaking about the development, Prateek Rao, CEO and Founder of Zyngo, said,
“Our efforts to deploy cutting-edge technology and electric vehicles for last-mile delivery have already garnered an overwhelming response from our customers. With this latest investment, we will accelerate our growth and expand our reach.”
The firm claims to provide complete infrastructure, technology and other necessary solutions to the nation’s burgeoning last-mile delivery ecosystem and is uniquely placed to capture the ongoing transition from ICE vehicles to EVs, particularly in the online-commerce delivery segment.
It claims to have completed approximately 3 lakh deliveries per month with a fleet size of 1150 vehicles. The Gurugram-based startup aims to deploy over 3000 logistics EVs across India by the end of FY23.
Commenting on the investment, Mudit Paliwal, the CEO & Founder of Delta Corp, said,
“This will help extend our footprint in last-mile logistics in the EV space. What better place than India, with its large population and growth potential. We have identified some of the key infrastructural barriers towards mass adoption and are now actively addressing each obstacle through targeted investments. These range from empowering drivers and financing vehicles to creating EV infrastructure hubs. Our goal is to create a comprehensive EV ecosystem that will accelerate the adoption of EVs throughout India, particularly in logistics.”
In recent times, startups catering to the electric vehicle segment across categories have raised funds. Earlier this month, EV SaaS startup Kazam raised about $3.6 million in a fresh funding round led by Avaana Capital Fund.
Note: If you are a budding entrepreneur and require assistance to register a Pvt Ltd Company, register a company, create financial projections, business development, LLP Registration, compliance filing, funding formalities, debt funding, CFO Services, or other startup related legal services, contact us.