Homegrown electric vehicle (EV) mobility platform ZEVO has raised $2 million in a pre-Series A funds round led by Pegasus India Fund, with participation from BizDateUp, JIIF and a family office.
The financing marks an important step in ZEVO’s journey to expand its electric vehicle fleet and develop advanced infrastructure to support sustainable logistics solutions across India.
Plans to deploy 5,000 electric vehicles
The startup plans to use the raised capital primarily to deploy 5,000 electric vehiclesfurther increasing its existing fleet. These vehicles will be integrated into various delivery operations, focusing on improving operational efficiency while promoting sustainability.
It also plans to establish logistics centers in strategic locations across the country, with the aim of improving its supply chain and logistics management capabilities.
“This investment is a testament to the confidence our investors have in our vision and the significant impact we are making in the electric vehicle industry,” said Aditya Singh Ratnu, CEO of ZEVO.
“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,” Aditya added.
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Expand to tier 2 and 3 cities
ZEVO intends to expand its presence beyond large cities. The startup plans to expand its presence to tier 2 and 3 cities in India. The expansion is expected to bring sustainable mobility solutions to a broader audience, making green transportation accessible to areas previously underserved by the electric vehicle industry.
“This financing marks a critical step in our journey to revolutionize the electric vehicle supply chain. Our focus on deploying advanced technologies and expanding our presence in tier 2 and 3 cities is driven by a commitment to sustainable growth and innovation,” said Dhruv Bhatia, Co-Founder, ZEVO.
Planning to raise additional funds
According to Bhatia, ZEVO is in talks to raise an additional $20 million in funding by January 2025, further strengthening its efforts to lead the electric vehicle supply chain market and achieve growth and sustainability goals of having 200,000 vehicles. electric vehicles in circulation by 2030.
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