Zyngo EV Mobility, a Gurugram-based third-party logistics service provider that leverages technology to enable electric vehicle (EV) mobility, has raised $5 million in pre-Series A funding.
The funding round was led by Delta Corp, with participation from existing investor LC Nueva Investment Partners LLP, as per reported by Inc42.
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Prateek Rao, CEO and Founder, Zyngo, said, ‘With this latest investment, we are excited to accelerate our growth and expand our reach, while staying true to our commitment to provide eco-friendly and affordable logistics solutions.”
Zyngo EV Mobility, founded by Prateek Rao in January 2020, provides last-mile delivery solutions through an electric vehicle fleet. The start-up caters to both B2B and B2C consumers, with a focus on intra-city logistics. Its unique ‘asset-light model’ operates as an intermediary between supply and demand in the market, while managing the end-to-end operations and management of the EV fleet.
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Mudit Paliwal, CEO & Founder, of Delta Corp, said, “We are very excited to support Zyngo and 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 to 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.”
Zyngo currently claims to carry out around 300,000 deliveries per month using a fleet of over 1,150 vehicles, consisting of both two-wheeled and three-wheeled electric vehicles. The company leases or sources these cargo e-loaders from various original equipment manufacturers (OEMs), including Hero Electric, Piaggio, Kinetic Green, and Mahindra Electric.
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Zyngo EV Mobility Pvt. Ltd. is a ‘tech-enabled’ third-party logistics service provider (3PL) with a base in Gurugram that uses EV fleets to enable incredibly effective, successful, and on-time hyperlocal deliveries throughout India. Zyngo, which was founded in January 2020 and, as of this writing, primarily focuses on intra-city logistics, is now playing a crucial role in meeting the needs of a variety of B2B and B2C customers while addressing their daily transportation and logistics requirements by making the most of technology and cutting-edge fleet management innovations.