SUMMARY
- ZEVO raised $2 million in a Pre-Series A round led by BizDateUp, with other participants.
- Funds will be used to deploy 5,000 EVs, enhance tech, and expand into Tier II and III cities.
- The firm focuses on sustainable logistics and aims to tap into the $110.74B Indian EV market.
In a Pre-Series A funding round headed by BizDateUp, electric mobility startup ZEVO has raised $2 million (₹16 crore). Pegasus India Fund and JIIF were among the other participants in the round.
With the fresh funds, the business plans to deploy over 5,000 electric vehicles in strategic places and update its technology with additional cash.
ZEVO was founded in 2022 by Aditya Singh Ratnu and Dhruv Bhatia, which is an electric vehicle fleet that serves a variety of delivery needs while emphasizing sustainability and efficiency. To provide sustainable transportation options to a wider audience, the company intends to increase its footprint in Tier II and III cities as well as move into new cities.
Aditya Singh Ratnu stated, “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.”
As of March 31, 2023, ZEVO India has $704 in revenue annually. Meanwhile, the projected value of the Indian EV market is $110.74 billion by 2029.
