Gurugram-based third party logistics service start-up Zyngo EV Mobility has raised $5 million (Rs 42 crore) in pre-Series A funding led by Delta Corp and participation from existing investors LC Nueva Investment Partners. The funds will be used towards increasing fleet size, expanding to new geographies and to enhance technology.
Founded in January 2020, by Prateek Rao the start-up offers last-mile delivery solutions through a fleet of electric vehicles. It caters to both B2B and B2C consumers, focusing on intra-city logistics to meet their daily logistics and transportation needs.
The start-up runs on a ‘asset-light model’ where it acts as an intermediary between the supply and demand in the market while taking care of the operations and management of the EV fleets end-to-end.
Zyngo aggregates demand from various e-commerce companies, SMEs, FMCG players, cloud kitchens and other channels; on the other hand, aggregates supply directly from OEMs and DCOs(Driver cum operators).
Prateek Rao, CEO, Zyngo said, “We founded Zyngo with a vision to champion the cause of clean mobility solutions in the logistics sector which has traditionally been dominated by large polluting trucks and vans. 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 are excited to accelerate our growth and expand our reach.”
Mudit Paliwal, CEO & Founder, Delta Corp said, “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, financing vehicles to creating EV infrastructure hubs, our goal is to create a comprehensive EV ecosystem that will accelerate adoption of EVs throughout India particularly in logistics.”
At present, Zyngo does approximately 3 lakh deliveries per month with a fleet size of more than 1,150 vehicles – including electric two- and three-wheelers – sourced or leased from OEMs such as Hero Electric, Piaggio, Kinetic Green and Mahindra Electric among others.
The start-up aims to deploy over 3,000 logistics EVs across India by the end of FY23, and at the same time, significantly expand its fleet size and B2B customer-cum-logistics-partner portfolio by 10x. By 2025, Zyngo aims to deploy at least 18,000 EVs in its fleet across India.
