In order to meet the nation’s ambitious environmental goals, Zyp Technologies has raised $1.5 million in pre-Series A funding led by Shorooq Partners. This funding will allow Zyp to launch its electric smart mobility technologies throughout the city of Lahore, Pakistan. Indus Valley Capital, an existing investor, increased its investment in this round with the help of multiple angel investors.
In the upcoming year, Zyp plans to use this investment to launch 1000 of its Zyp Utility Motorcycles (ZUM 2000) and build more than 60 battery swap stations. The fleet management software on the smart motorcycles can track their location, provide anti-theft features, and send out accident alerts.
The introduction is in line with Pakistan’s ambitious National Electric Vehicle Policy, which plans to sell 30% of all vehicles there as electric by 2030. In October 2023, the Pakistani government granted licenses to 31 companies for the production of electric vehicles. Zyp Technologies was honored to be included on this esteemed list.
Zyp’s solutions lessen Pakistan’s reliance on oil while enabling motorcycle fleet operators to conduct their business in an environmentally sustainable manner. There has never been a more pressing need to electrify transportation as the climate crisis gets worse by the minute.
Hassan Khan, co-founder and CEO of Zyp Technologies, highlighted the transformative effect of Shorooq Partners’ investment: “This pivotal investment accelerates us towards achieving Pakistan’s electric vehicle ambitions by 2030. Zyp is removing affordability barriers for high-quality electric vehicles designed specifically for Pakistan’s tough environment, where extreme temperatures and bumpy roads abound. With one-minute refueling, our smart connected vehicles are heralding a new era of vehicles for the masses. Our trials have shown people love our smart vehicles and their quick refueling capability.”
Over a successful six-month trial period, Zyp’s electric motorcycles covered over 70,000 kilometers with Chughtai Lab, Pakistan’s largest medical diagnostics company. As a result, Chughtai Lab decided to buy a sizable quantity of the cars. In addition, a three-month trial with TCS, the top courier service in the nation, proved how well Zyp’s electric delivery motorcycles performed.
Omer Zabit, Principal at Shorooq Partners, commented: “Our investment in Zyp Technologies will drive significant environmental and economic benefits for Pakistan in the long term by addressing some of the challenges that delivery companies and the mobility industry typically face. We see this as an opportunity to support more sustainable innovations in emerging markets.”
Zyp has set up an assembly line that can produce up to 12,000 electric motorcycles annually in order to maintain its prominent position in Pakistan’s sustainability movement. Additionally, in 2025, the company plans to release motorcycles in large quantities in several other Gulf countries, most notably the United Arab Emirates.
