EV Logistics Firm Zyngo Raises $5 Mn in Pre-Series A Funding Led by Delta Corp Holdings

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 funds will be used towards increasing fleet size, expanding to new geographies and to enhance 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).

Zyngo has made significant contributions in the EV Logistics industry, specifically in Last Mile Delivery (LMD) and Hyperlocal sectors. Zyngo has played a key role in reducing carbon footprint and curbing urban freight pollution by replacing ICE vehicles with EV technology, specifically targeting LMD trucks. Secondly, Zyngo has brought down delivery costs by up to 35%, as LMD contributes to a considerable portion of the delivery cost of a product. Lastly, Zyngo's in-house Fleet Management Software (FMS) has enabled complete visibility and transparency in its operations, addressing customer confidence and product reliability issues faced by many e-commerce companies. Lastly, as the largest organized EV 3PL (Third Party Logistics) in the pan-India market, Zyngo serves a diverse range of clients from various sectors and it aims to contribute towards improving India’s logistics sector.

Commenting on the investment, Prateek Rao, CEO and Founder, Zyngo, said, "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 & Founder of Delta Corp - “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 towards mass adoption and are now actively addressing each obstacle through targeted investments. These range from empowering drivers, 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.

Currently, Zyngo does approximately 3 lakh deliveries per month with a fleet size of 1150+ vehicles - including both 2W and 3W EVs - all of them powered by lithium-ion batteries. These vehicles (cargo e-loaders) are sourced or leased by Zyngo from top OEMs such as Hero Electric, Piaggio, Kinetic Green, Mahindra Electric, among others.

Zyngo intends to deploy over 3,000+ logistics EVs across India by the end of FY23, and at the same time, significantly expand its fleet size and B2B customer-cum-logistics-partner portfolio by 10x. By 2025, Zyngo aims to deploy at least 18,000+ zero-emission EV fleets throughout India to support the country's climate action and sustainability goals. Furthermore, Zyngo is planning to launch a first-of-its-kind hyperlocal B2C delivery mobile app. The app will ensure the efficient utilization of the fleet, with customers being able to access it through an easy-to-use, robust tech platform available on both IOS and Android devices. Zyngo also intends to expand its services to emerging segments such as food tech, e-commerce, and e-grocery deliveries.

About Zyngo

Zyngo is on a mission to provide sustainable and innovative logistics solutions that reduce dependence on fossil fuels. Zyngo has collaborated with companies to bring transition in e-commerce & e-grocery industry by switching their delivery vehicles from ICE vehicles to electric vehicles by maintaining the same level of logistics standards and productivity. Their vision is to become the largest last mile and hyperlocal company in India, with plans to deploy a fleet of over 18,000 EVs and cater to 2.5 million deliveries monthly over the next two years.

About Delta Corp Holdings

Delta Corp is a global fully integrated business involved in transportation/logistic services, asset management, and servicing the industrial supply chain. Delta Corp is headquartered in London and is a multinational business with a global footprint through a network of offices in 15 countries across Europe, the Middle East, Africa and Asia. With over 350 personnel, the company currently operates through three operating subsidiaries: (i) Bulk Logistics, (ii) Energy Logistics, and (iii) Asset Management for logistic assets, which they believe provides them with competitive advantages that allow them to maximize their market position with a business model that offers unrivaled scalability within the maritime and logistics industry.


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