Third party logistics startup Zyngo EV raised $5 million in Pre-Series A led by Delta Corp Holdings where existing investor LC Nueva Investment Partners LLP also participated.
Zyngo has stated that the funds will be used to increase fleet size, expand into new geographies, and improve technology. Prateek Rao founded the startup in 2020 to serve B2B and B2C customers with intra-city logistics and other transportation needs.
Zyngo manages the entire EV operations cycle, from supply chain to delivery. It serves a variety of ecommerce industries, including SMEs, FMCG, cloud kitchens, and others.
The startup works in the EV logistics industry to provide Last Mile Delivery (LMD) and contribute to the hyperlocal sectors. According to the startup, the services have reduced 35% of the delivery costs, as LMD contributes a significant portion of the delivery cost of a product.
Zyngo claims that its in-house Fleet Management Software (FMS) provides complete visibility and transparency, while also addressing the issues of customer confidence and product reliability that many ecommerce companies face. The startup serves a wide range of clients from various industries and aims to improve India’s logistics sector.
Zyngo’s founder and CEO Prateek Rao commented on the investment, saying, “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.”
He went on to say that the startup’s goal is to create a greener mobility landscape in India, which is currently dominated by high-carbon-emitting trucks and vans.
Zyngo claims to deliver approximately 3 lakh vehicles per month and has a fleet of 1150+ vehicles, including both two and three-wheeler EVs powered by lithium-ion batteries. The majority of these are cargo loaders leased or purchased from OEMs such as Hero Electric, Piaggio, Kinetic Green, and Mahindra Electric, among others. The startup also intends to broaden its services to include food tech, ecommerce, and egrocery deliveries.
It intends to deploy approximately 3,000+ logistics EVs across India by the end of this fiscal year. Furthermore, Zyngo intends to deploy at least 18,000 zero-emission EV fleets across the country to help India meet its climate action and sustainability goals.
