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Ev Logistics Firm Zyngo Raises $5 Million In Round Led By Delta Corp Holdings

PRIVATEMay 09, 2023

Amount Raised

$5 Million

Round Type

Funding Round

GurugramTransportationAutomotiveSupply Chain ManagementLogisticsFleet Management

Description

Zyngo, a logistics company that uses electric vehicles, said that it has raised $5 million in a round led by Delta Corp Holding, with participation by existing investor LC Nueva Investment Partners LLP. The startup said that the funds will be used to increase its fleet size, expand to new regions, and improve technology.Zyngo currently makes approximately 3 lakh deliveries per month with its fleet of 1,150 vehicles, which has both two- and three-wheeler EVs. These vehicles (cargo e-loaders) are sourced or leased from EV makers such as Hero Electric, Piaggio, Kinetic Green and Mahindra Electric, among others.Zyngo intends to deploy over 3,000 EVs across India by the end of FY23. By 2025, the company aims to deploy at least 18,000 EVs throughout India

Quick answer

Zyngo raised $5 Million in a Funding Round round, dated May 9, 2023. Zyngo is based in Gurugram, Haryana, India.

How much did Zyngo raise?
Zyngo raised $5 Million in a Funding Round round on May 9, 2023.
What does Zyngo do?
Zyngo EV Mobility Pvt.
Where is Zyngo based and how big is it?
Zyngo is based in Gurugram, Haryana, India.
Who are the decision-makers at Zyngo?
Fundz holds 1 contact at Zyngo. Names and contact details are shown to Fundz members.

Source: Fundz verified event record.

Who else raised in Transportation and Automotive around the same time

Companies in the same sectors as Zyngo that raised within 45 days of this round, from Fundz verified event records.

  • FERNRIDE raised $31M (Funding Round) on June 13, 2023.
  • Everest Fleet raised $20M (Funding Round) on June 14, 2023.
  • Haul247 raised an undisclosed amount (Funding Round) on June 8, 2023.
  • Frayt Technologies raised $7M (Funding Round) on April 11, 2023.
  • Magenta Mobility raised $22M (Funding Round) on April 5, 2023.
  • GoodShip raised $7.4M on March 30, 2023.

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Company Information

Company

Zyngo

Location

Gurugram, Haryana, India

About

Zyngo EV Mobility Pvt. Ltd. is a Gurugram-headquartered ‘tech-enabled’ third-party logistics service provider (3PL) that is enabling super-efficient, productive and timely hyperlocal deliveries across India using EV fleets. Founded in January 2020, Zyngo – which is primarily focusing on intra-city logistics as of date – is today playing a pivotal role in catering to the needs of a variety of both B2B to B2C consumers, while serving their daily logistics and transportation needs by utilizing technology optimally alongside new-age innovations and strategies in terms of fleet management. Furthermore, Zyngo’s vehicles provide cost-efficiency of upto 35 per cent to the end-users and leave zero carbon footprint. Interestingly, the term “ZYNGO” originates from a Greek word which means – “a great concept” or “a good idea”. Zyngo EV Mobility provides complete infrastructure, technology and other kinds of necessary solutions to the nation’s burgeoning last-mile delivery ecosystem, and is uniquely placed to capture the ongoing transition from ICE vehicles to EVs particularly in the online-commerce delivery segment. The company is doing ~3 lakh deliveries per month with the help of its all-electric active fleet size of over 1000+ vehicles – including both 2W and 3W EVs – all of them propelled by Li-ion batteries. These vehicles (cargo e-loaders) are being leased and/or sourced by Zyngo from the country’s top OEMs such as Hero Electric, Piaggio, Omega Seiki Mobility, Kinetic Green, Mahindra Electric, among others. Further, with the aim to make India self-reliant or ‘Atmanirbhar’ in the electric mobility domain, Zyngo is continuously partnering with the country’s leading OEMs, battery swapping infrastructure providers, charging-parking infrastructure providers, etc al in order to provide full-stack technology, infrastructure and ecosystem support for operational sustainability and profitability enhancement of the 1100+(and counting) EV drivers/riders who are with Zyngo.

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