Electric mobility platform ZEVO has secured USD 2 million in a pre-Series A funding round led by Pegasus India Fund, with participation from BizDateUp, JIIF, and a family office. The Bangalore-based startup plans to use the fresh capital to deploy 5,000 electric vehicles and establish advanced fulfillment centers in key locations across the country.
Founded in 2022 by Aditya Singh Ratnu and Dhruv Bhatia, ZEVO operates a comprehensive fleet of electric vehicles catering to diverse delivery needs with a strong focus on operational efficiency and sustainability. With this funding, the company aims to accelerate its mission of pioneering a new era of eco-friendly logistics in India.
Expansion Plans and Technological Upgrades
ZEVO intends to expand its footprint beyond major cities and strengthen its presence in tier 2 and tier 3 cities, bringing sustainable mobility solutions to a broader audience. The startup is also set to upgrade its technological infrastructure, ensuring advanced solutions are in place to optimize logistics and supply chain management.
“With these funds, we aim to accelerate our growth, enhance our technological capabilities, and expand our reach, ultimately driving the adoption of electric vehicles in India,” said Aditya Singh Ratnu, CEO of ZEVO. “Our mission is to redefine industry standards, and this funding will help us get closer to achieving that goal.”
Ambitious Goals for Sustainable Logistics
Looking ahead, ZEVO is in talks to raise an additional USD 20 million by January 2025. This future investment will further bolster the company’s efforts to lead the EV supply chain market and achieve its ambitious growth and sustainability goals to have 200,000 electric vehicles on the road by 2030.
“This funding marks a pivotal step in our journey to revolutionize the EV supply chain,” said Dhruv Bhatia, Co-Founder of ZEVO. “Our focus on deploying advanced technologies and expanding our footprint is driven by a commitment to sustainable growth and innovation.”
Investors’ Confidence in ZEVO’s Vision
The successful funding round demonstrates investors’ confidence in ZEVO’s vision and the significant impact the startup is making in the EV industry. Meet Jain, Co-Founder of BizDateUp, stated, “ZEVO stands out as a key player in the EV mobility space. We believe they are well-positioned to contribute to India’s potential to become a top exporter of electric two-wheelers.”
As the Indian EV market is projected to reach USD 110.74 billion by 2029, ZEVO is poised to lead the transformation of the country’s logistics sector with its innovative electric vehicle solutions and unwavering commitment to sustainability.
Conclusion
ZEVO’s successful $2 million pre-Series A funding round marks a significant milestone in the company’s journey to revolutionize India’s logistics industry with sustainable electric vehicle solutions. By deploying 5,000 EVs, expanding its network, and upgrading its technology, ZEVO is set to make eco-friendly transportation accessible to a wider audience while contributing to India’s green mobility goals. With ambitious plans to raise additional funds and have 200,000 EVs on the road by 2030, ZEVO is poised to drive the adoption of electric vehicles and redefine industry standards for efficiency and environmental responsibility.
