ZEVO raises $2 million in funding to deploy 5,000 electric vehicles

Homegrown electric vehicle (EV) mobility platform ZEVO has raised $2 million in a pre-Series A funding round led by Pegasus India Fund, with participation from BizDateUp, JIIF, and a family office.

The funding marks a significant step in ZEVO’s journey to expand its electric vehicle fleet and develop advanced infrastructure to support sustainable logistics solutions across India.

Plans to deploy 5,000 electric vehicles

The startup plans to use the raised capital primarily to deploy 5,000 electric vehicles, further increasing its existing fleet. These vehicles will be integrated into various delivery operations, focusing on improving operational efficiency while promoting sustainability.

It also plans to establish fulfilment centres in strategic locations across the country, aiming to enhance its supply chain and logistics management capabilities.

“This investment is a testament to the confidence our investors have in our vision and the significant impact we are making in the EV industry,” said Aditya Singh Ratnu, CEO of ZEVO.

“With these funds, we aim to accelerate our growth, enhance our technological capabilities, and expand our reach, ultimately driving the adoption of electric vehicles in India,” Aditya added.

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Expanding into tier 2 and tier 3 cities

ZEVO aims to expand its presence beyond major cities. The startup plans to broaden its footprint into tier 2 and tier 3 cities in India. The expansion is expected to bring sustainable mobility solutions to a larger audience, making eco-friendly transportation accessible to areas that have previously been underserved by the EV industry.

“This funding marks a pivotal step in our journey to revolutionise the EV supply chain. Our focus on deploying advanced technologies and expanding our footprint into tier 2 and tier 3 cities is driven by a commitment to sustainable growth and innovation,” said Dhruv Bhatia, Co-Founder of ZEVO.

Planning to raise additional funding

According to Bhatia, ZEVO is in talks to raise an additional $20 million in funding by January 2025, further strengthening its efforts to lead the EV supply chain market and achieve growth and sustainability goals of having 200,000 electric vehicles on the road by 2030.