Diksha Mittal
2 Oct 2024
ZEVO, an EV mobility platform, raised $2 million to expand its fleet by deploying 5,000 electric vehicles and enhancing supply chain operations across India. The startup plans to extend into tier 2 and tier 3 cities, while aiming to raise an additional $20 million by 2025 to support future growth.
Homegrown 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. This investment will enable ZEVO to expand its fleet by deploying 5,000 electric vehicles (EVs) into delivery operations, enhancing operational efficiency and promoting sustainable logistics solutions. ZEVO also plans to establish fulfillment centers in key locations across India to strengthen its supply chain management.
The company aims to extend its footprint beyond major cities, targeting expansion into tier 2 and tier 3 cities. This move is part of ZEVO’s mission to make eco-friendly transportation accessible to underserved regions, contributing to sustainable mobility across the country. According to CEO Aditya Singh Ratnu, the funding reflects investor confidence in ZEVO’s vision and its growing impact in India’s EV industry.
Co-Founder Dhruv Bhatia mentioned that ZEVO is also planning to raise an additional $20 million by January 2025, aiming for long-term goals such as having 200,000 electric vehicles on the road by 2030. This initiative underscores ZEVO's commitment to innovation and growth in India’s EV supply chain.
Source: ISN
