Emobility Startup ZEVO Nets $2 Mn From BizDateUp, Others
by Garima Ranjan · Inc42SUMMARY
- The New Delhi-based startup will use the fresh funding for technological upgrades and deploy over 5,000 electric vehicles across key locations
- The company plans to expand its footprint to new cities and strengthen its presence in Tier II and III cities, bringing sustainable mobility solutions to a larger audience
- It is pertinent to note that the Centre earlier provided subsidies to EV makers under the FAME scheme, which ran for nine years before expiring in 2024
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Electric mobility startup ZEVO has secured $2 Mn (around INR 16 Cr) in a Pre-Series A funding round led by BizDateUp .
The round also saw participation from Pegasus India Fund, JIIF among others.
The New Delhi-based startup will use the fresh funding for technological upgrades and deploy over 5,000 electric vehicles across key locations.
Founded by Aditya Singh Ratnu and Dhruv Bhatia in 2022, ZEVO operates a fleet of EVs catering to diverse delivery needs with focus on efficiency and sustainability.
The company plans to expand its footprint to new cities and strengthen its presence in Tier II and III cities, bringing sustainable mobility solutions to a larger audience.
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“At ZEVO, we are committed to pioneering a new era of sustainable logistics, where efficiency meets environmental responsibility. Our mission is to redefine the industry standards, and this funding will help us get closer to achieving that goal”, said Ratnu.
ZEVO competes against the likes of Magneta, SmartE and Fullfily among others.
It is pertinent to note that the Centre earlier provided subsidies to EV makers under the FAME scheme, which ran for nine years before expiring in 2024.
Recently, the union cabinet passed the PM E-Drive scheme with a total outlay of INR 10,900 Cr to provide subsidies to makers of electric buses and EV two-wheelers and three-wheelers. PM E-DRIVE will also boost India’s charging infrastructure by promoting installation of electric vehicle public charging stations (EVPCS).
This also comes at time when TVS Group partnered with Delhi NCR-based electric vehicle logistics startup MoEVing to make its entry into the EV mobility service market.
The Indian EV market is estimated to reach $110.74 Bn by 2029.