EV logistics startup Zyngo raises $5 Mn led by Delta Corp

Zyngo EV Mobility, a Gurugram-based tech-enabled third-party logistics service provider, has raised $5 million in Pre-Series A funding led by Delta Corp Holdings (Delta Corp) with participation from existing investors LC Nueva Investment Partners LLP. 

The funds will be used towards increasing fleet size, expanding to new geographies and enhancing technology, the company said in a statement.

Founded by Prateek Rao in January 2020, Zyngo offers last-mile delivery solutions through a fleet of electric vehicles. The company caters to B2B and B2C consumers, focusing on intra-city logistics to fulfill their daily logistics and transportation needs. It runs on an asset-light model where it acts as an intermediary between the supply and demand in the market while taking care of the operations and management of the EV fleets end to end. 

Zyngo aggregates the demand from various e-commerce companies, SMEs, FMCG players, cloud kitchens and other channels. On the other hand, it aggregates supply directly from OEMs and DCOs (Driver cum operators).

Currently, Zyngo claims that it does approximately 3 lakh deliveries per month with a fleet size of more than 1,150 vehicles - including both 2W and 3W EVs. These vehicles (cargo e-loaders) are sourced or leased by Zyngo from OEMs such as Hero Electric, Piaggio, Kinetic Green, and Mahindra Electric, among others.