Zevo, a powerhouse tech-enabled electric vehicle mobility platform, raised USD 2 million in a pre-Series A funding round. The investment was led by Pegasus India Fund, BizDateUp, JIIF and a family office, as per the press release.
The newly acquired funds will be strategically utilised to deploy 5,000 electric vehicles and develop state-of-the-art fulfilment centres across key locations, said the company. This initiative aligns with Zevo's commitment to enhancing its operational capabilities and meeting the growing demand for sustainable, efficient, and reliable logistics solutions.
Dhruv Bhatia, co-founder of Zevo stated: “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. We believe this infusion of capital will not only accelerate our mission but also set new benchmarks for efficiency and reliability in the industry.”
Zevo said that it is set to upgrade its technological infrastructure, ensuring cutting-edge solutions are in place to optimise logistics and supply chain management. The company plans to expand its footprint to new cities and strengthen its presence in tier-2 and tier-3 cities, bringing sustainable mobility solutions to a broader audience.
Aditya Singh Ratnu, chief executive officer of Zevo, expressed his enthusiasm about the funding round, and said, "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. 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. 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."
Looking ahead, Zevo said that it is in talks to raise $20 million by January 2025. This future investment will further bolster the company's efforts to lead the EV supply chain market and achieve its ambitious growth and sustainability goals to have 2,00,000 electric vehicles on the road by 2030.
