Zyp Technologies, a Pakistani electric car startup, Secured $1.5 million in Series Pre-A funding sponsored by Shorooq Partners to implement its electric smart mobility technologies citywide in Lahore.
Indus Valley Capital, an existing investor, increased their commitment in this round and was joined by a number of angel investors, the company stated in a statement.
The company plans to use this investment to build more than 60 battery swap stations and distribute 1000 Zyp Utility Motorcycles (ZUM 2000) over the course of the following 12 months.
The fleet management software on the smart motorcycles can track their location, provide anti-theft features, and send out accident alarms.
Zyp Technologies added that Pakistan’s aggressive environmental goal will be met in large part thanks to this action. It stated that the introduction is in line with Pakistan’s ambitious National Electric Vehicle Policy, which seeks to sell 30% of all vehicles in the country as electric by 2030.
Zyp Technologies was delighted to be included on this esteemed list when the Pakistani government granted permits to 31 businesses in October 2023 to begin producing electric vehicles.
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In order to maintain its prominent position in Pakistan’s sustainability movement, the company has set up an assembly line that can manufacture up to 12,000 electric motorcycles annually.
The company also intends to distribute motorcycles in large quantities in several additional Gulf countries in 2025, most notably the United Arab Emirates.
“This pivotal investment accelerates us towards achieving Pakistan’s electric vehicle ambitions by 2030,” said Hassan Khan, Co-founder and Chief Executive Officer of Zyp Technologies. 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,” he added.
The first Pakistani electric two-wheeler mobility firm is Zyp Technologies.
Founded by Silicon Valley, Australia, and Pakistan’s automotive sector engineering leaders to meet the growing demand for sustainable urban transportation, the company makes electric delivery motorcycles with fleet management software.
Its solutions help motorbike fleet operators reduce Pakistan’s oil dependence and go green.
Zyp Technologies electric motorcycles travelled over 70,000 kilometres in a six-month experiment with Pakistan’s leading medical diagnostics company, Chughtai Lab.
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As a result, Chughtai Lab decided to buy a sizable quantity of the cars.
The superior performance of Zyp Technologies’ electric delivery motorcycles was also shown during a three-month trial with TCS, the top courier service in the nation.
“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,” said Omer Zabit, Principal at Shorooq Partners.
About ZYP Technologies
ZYP Technologies is on a mission to speed the world’s transition to net-zero carbon emissions by making electric mobility safe, dependable, and affordable for everyone!
