EV logistics firm Zyngo raises $5M in pre-Series A round led by Delta Corp
The startup plans to use the capital to increase fleet size, expand to new geographies, and enhance technology.
, a tech-enabled third-party logistics service provider, has raised $5 million in a pre-Series A round led by Delta Corp Holdings. The round also saw the participation of existing investor LC Nueva Investment Partners LLP.
Founded in January 2020 by Prateek Rao, Zyngo provides last-mile delivery solutions through a fleet of electric vehicles (EVs). The company caters to B2B and B2C consumers, focusing on intra-city logistics to fulfil their daily logistics and transportation needs.
The startup plans to use the capital to increase fleet size, expand to new geographies, and enhance technology.
"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," said Prateek Rao, CEO and Founder, Zyngo.
Zyngo says it does three lakh deliveries per month with a fleet size of over 1,150 EVs, comprising both two-wheelers and three-wheelers. These vehicles (cargo e-loaders) are sourced or leased by Zyngo from OEMs, including Hero Electric, Piaggio, Kinetic Green, and Mahindra Electric.
"With their passion and strategic approach, I am confident that Zyngo is well-positioned to revolutionise the future of last-mile logistics. We are excited to support them in their next phase of growth," said Mudit Paliwal, CEO and Founder of Delta Corp.
Gurugram-based Zyngo aims to deploy at least 18,000 zero-emission EVs throughout India by 2025 to support the country's climate action and sustainability goals.
The startup also plans to launch a hyperlocal B2C delivery mobile app. It will ensure efficient utilisation of the fleet, with customers able to access it through an easy-to-use, robust tech platform on both iOS and Android devices, said Zyngo.
The company also intends to expand its services to emerging segments such as foodtech, ecommerce, and e-grocery deliveries.
Edited by Suman Singh