Zyngo EV Mobility Pvt. Ltd, a Gurugram-based tech-enabled third-party logistics service provider, has raised $5 Million in Pre-Series A funding led by Delta Corp Holdings (“Delta Corp”) with participation from existing investors LC Nueva Investment Partners LLP.
The company has said to utilise the funds to increase fleet size, expand to new geographies and enhancing technology.
Zyngo, founded by Prateek Rao in January 2020, offers last-mile delivery solutions through a fleet of electric vehicles. The company caters to B2B and B2C consumers, focusing on intra-city logistics to fulfill their daily logistics and transportation needs. Zyngo runs on a unique ‘asset-light model’ where they act as an intermediary between the supply and demand in the market while taking care of the operations and management of the EV fleets end to end.
Zyngo aggregates the demand from various e-commerce companies, SMEs, FMCG players, cloud kitchens and other channels; on the other hand, aggregates supply directly from OEMs and DCOs(Driver cum operators).
Commenting on the investment, Prateek Rao, CEO and Founder of Zyngo, added, "We founded Zyngo with a vision to champion the cause of clean mobility solutions in the logistics sector which has traditionally been dominated by large polluting trucks and vans. Our efforts to deploy cutting-edge technology and electric vehicles for last-mile delivery have already garnered an overwhelming response from our customers. 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. We are thrilled with the further validation of our business model from our existing and new investors. We look forward to creating a greener tomorrow together."
Mudit Paliwal, the CEO and Founder of Delta Corp, said, “We are very excited to support Zyngo and extend our footprint in last-mile logistics in the EV space. What better place than India with its large population and growth potential? We have identified some of the key infrastructural barriers to mass adoption and are now actively addressing each obstacle through targeted investments. These range from empowering drivers, and financing vehicles to creating EV infrastructure hubs, our goal is to create a comprehensive EV ecosystem that will accelerate adoption of EVs throughout India, particularly in logistics.”
“Zyngo has become a trusted logistics-delivery partner to many top e-grocery and e-commerce brands, thanks to the exceptional leadership and extensive logistics expertise of the founding team. Their commitment to introducing low-carbon mobility solutions is commendable and shows their dedication to making a positive impact on the future of last-mile logistics. With their passion and strategic approach, I am confident that Zyngo is well-positioned to revolutionize the future of last-mile logistics. We are excited to support them in their next phase of growth.", he added.