Pre-Series A funding of $5 million has been secured by Gurugram-based Zyngo EV Mobility, a tech-enabled third-party logistics service provider, led by Delta Corp Holdings (Delta Corp) and including existing investors LC Nueva Investment Partners LLP.
The funds will be used to expand into new regions, grow the fleet, and improve technology, the company said in a statement.
Zyngo, an organization founded in January 2020 by Prateek Rao, provides last-mile delivery services using a fleet of electric vehicles. The business serves both B2B and B2C clients, concentrating on intra-city logistics to meet their regular transportation and logistics requirements.
It operates on an asset-light model where it serves as a middleman between the market’s supply and demand while managing the overall operations and management of the EV fleets.
Zyngo collects demand from different e-commerce businesses, SMEs, FMCG companies, cloud kitchens, and other channels. However, it gathers supply from OEMs and DCOs (driver cum operators) directly.
With a fleet of more than 1,150 vehicles, including both 2W and 3W EVs, Zyngo claims to currently perform about 3 lakh deliveries each month. Zyngo purchases or rents these vehicles (cargo e-loaders) from OEMs including Hero Electric, Piaggio, Kinetic Green, and Mahindra Electric, among others.
