Delta Corp Leads $5M Pre-Series A Round for EV Logistics Company Zyngo
- ByStartupStory | May 9, 2023
Tech-enabled third-party logistics provider, Zyngo Mobility, has raised $5 million in a pre-Series A funding round. Delta Corp Holdings led the investment, with participation from existing investor LC Nueva Investment Partners LLP. Zyngo, which was founded in January 2020 by Prateek Rao, offers last-mile delivery solutions via an electric vehicle fleet. The firm serves both B2B and B2C customers, with a focus on intra-city logistics to meet their daily transportation and logistics needs.
Zyngo Mobility, a third-party logistics provider in India, has raised $5 million in a pre-Series A funding round led by Delta Corp Holdings, with participation from existing investor LC Nueva Investment Partners LLP. The startup plans to use the funds to increase the size of its fleet, expand to new locations, and improve its technology. “We are excited to accelerate our growth and expand our reach while providing eco-friendly and affordable logistics solutions,” said Zyngo CEO and Founder Prateek Rao.
Zyngo claims to complete 300,000 deliveries every month with its fleet of more than 1,150 electric vehicles, consisting of both two-wheelers and three-wheelers. The startup sources or leases these cargo e-loaders from various original equipment manufacturers (OEMs), including Piaggio, Hero Electric, Kinetic Green, and Mahindra Electric.
Mudit Paliwal, CEO and Founder of Delta Corp, expressed “confidence in Zyngo’s strategic approach and passion to revolutionize the future of last-mile logistics. Zyngo aims to deploy 18,000 zero-emission EVs in India by 2025 to support the country’s climate action and sustainability objectives”. The Gurugram-based company plans to use the funding to expand its reach, increase its fleet size, and enhance its technology.
Zyngo, a startup, is preparing to release a B2C delivery app that focuses on hyperlocal service. The app, available on both iOS and Android, will provide customers with an easy-to-use platform that ensures the efficient use of the company’s fleet. Additionally, Zyngo plans to expand its offerings to include emerging segments such as foodtech, ecommerce, and e-grocery deliveries.
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