Gurugram third-party logistics provider, Zyngo EV Mobility has received $5 million in Pre-Series A financing led by Delta Corp Holdings.
Apart from Delta, participation from existing investors LC Nueva Investment Partners LLP were also witnessed.
The company said it would use the funds to expand into new regions, enhance technology and increase fleet size.
CEO and Founder of Zyngo, Prateek Rao added, in commenting on the investment, “We founded Zyngo to champion clean mobility solutions for the logistics industry, which is traditionally dominated by large, polluting trucks, vans, and other vehicles. Customers have responded enthusiastically to our efforts in deploying cutting-edge technologies and electric vehicles as last-mile delivery vehicles. We are excited about this latest investment as it will allow us to expand our reach and accelerate our growth while remaining true to our commitment to providing eco-friendly, affordable logistics solutions. Our existing and new investors have validated our business model, which we are delighted about. We look forward to working together on a greener future.”
CEO and Founder of Delta Corp, Mudit Paliwal said, “We are excited to extend our footprint on last-mile logistics for EVs. India is a great place to start, with its huge population and potential for growth. We have identified the major infrastructural obstacles to mass adoption, and we are actively addressing them through targeted investments. Our goal is to create an EV ecosystem in India that includes everything from financing vehicles and empowering drivers to creating EV hubs.”
“The founding team’s leadership and logistics expertise has helped Zyngo become a trusted partner for many of the top e-commerce and e-grocery brands. It is admirable that they are committed to introducing low-carbon mobility solutions and have a positive influence on future last-mile logistics. Zyngo’s passion and strategic approach will revolutionize last-mile logistics. We are thrilled to be able to support Zyngo in their next growth phase,” he continued.
Zyngo was founded in January 2020 by Prateek Rai. It offers solutions for last-mile deliveries through an electric vehicle fleet.
The company serves B2C and B2B customers and focuses on intra-city logistics to meet their daily transportation and logistics needs.
Zyngo operates on a unique asset-light model, where they act as a middleman between supply and demand while managing the EV fleets from beginning to end.
Zyngo aggregates demand from various e-commerce companies, FMCG, SMEs and other channels. On the other hand aggregates supply from OEMs and Driver Cum Operators (DCOs).