Tech-enabled third-party logistics service provider Zyngo EV Mobility has raised $5 million in a pre-series A funding round led by Delta Corp Holdings.
The round also saw participation from existing investors, including LC Nueva Investment Partners LLP. The funds will be used towards increasing fleet size, expanding to new geographies, and enhancing technology, the company said in a press release.
“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,” said Prateek Rao, CEO and Founder, Zyngo.
The company caters to B2B and B2C consumers, focusing on intra-city logistics for daily transportation needs. It aggregates the demand from various e-commerce companies, SMEs, FMCG players, cloud kitchens, and other channels; simultaneously it aggregates supply directly from OEMs and DCOs (driver-cum-operators).
Currently, the company makes around 3 lakh deliveries monthly with a fleet size of 1,150-plus vehicles, including electric two-wheelers and three-wheelers powered by lithium-ion batteries. Zyngo intends to deploy over 3,000 logistics EVs across India by the end of FY23, and, at the same time, expand its fleet size and B2B customer-logistics-partner portfolio by 10x.
“We have identified some of the key infrastructural barriers to mass adoption and are now actively addressing each obstacle through targeted investments. With its passion and strategic approach, we are confident that the company is positioned to enhance the future of last-mile logistics and excited to support them in their next phase of growth,” said Mudit Paliwal, the CEO and Founder of Delta Corp.