EV Logistics Firm Zyngo Raises $5 Million In Pre-Series A Funding The fund raised will be used towards increasing fleet size, expanding to new geographies and to enhance technology
By Teena Jose •
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Zyngo EV Mobility Pvt. Ltd, a Gurugram-based tech-enabled third-party logistics service provider, has raised $5 Million in pre-Series A funding led by Delta Corp Holdings ("Delta Corp") with participation from existing investors LC Nueva Investment Partners LLP. The fund raised will be used towards increasing fleet size, expanding to new geographies and to enhance technology.
"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, while staying true to our commitment to provide eco-friendly and affordable logistics solutions. We are thrilled with the further validation of our business model from our existing and new investors. We look forward to creating a greener tomorrow together," said Prateek Rao, CEO and founder, Zyngo.
Zyngo intends 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 10 times. By 2025, Zyngo aims to deploy at least over 18,000 zero-emission EV fleets throughout India to support the country's climate action and sustainability goals, claimed by the company in a statement.
"Zyngo has become a trusted logistics-delivery partner to many top e-grocery and e-commerce brands, thanks to the exceptional leadership and extensive logistics expertise of the founding team. Their commitment to introducing low-carbon mobility solutions is commendable and shows their dedication to making a positive impact on the future of last-mile logistics. With their passion and strategic approach, I am confident that Zyngo is well-positioned to revolutionize the future of last-mile logistics. We are excited to support them in their next phase of growth," said Mudit Paliwal, the CEO and founder, Delta Corp.
Founded by Prateek Rao in January 2020, Zyngo is on a mission to provide sustainable and innovative logistics solutions that reduce dependence on fossil fuels.
