Zyp Technologies, a Pakistani electric vehicles startup, has raised $1.5 million in Series Pre-A funding led by Shorooq Partners to enable a city-wide launch of Zyp’s electric smart mobility technologies in Lahore, Pakistan.
The firm said in a statement on Tuesday that existing investor Indus Valley Capital doubled down in this round, joined by several angel investors.
With this investment, the firm will create over 60 battery swap stations and deploy 1000 of its Zyp Utility Motorcycles (ZUM 2000) in the next 12 months.
The smart motorcycles have fleet management software capabilities that include accident alerts, anti-theft features, and location tracking.
Zyp Technologies also said the move marks a pivotal step towards meeting Pakistan’s ambitious environmental goal.
It noted the launch aligns with Pakistan’s bold National Electric Vehicle Policy, which aims for electric vehicles to account for 30 percent of all vehicles sold in Pakistan by 2030.
When the Pakistan government issued licenses for the manufacturing of electric vehicles to 31 companies in October 2023, Zyp Technologies was honored to be on this coveted list.
To continue playing a key role in Pakistan’s sustainability movement, the firm has established an assembly line capable of producing up to 12,000 electric motorcycles per year.
The company is also planning a mass release of motorcycles in multiple other Gulf nations, notably the United Arab Emirates, in 2025.
“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.
Zyp Technologies is Pakistan’s first indigenous electric two-wheeler mobility company.
Founded by engineering leaders from Silicon Valley, Australia and Pakistan’s automotive industry to address the growing demand for sustainable urban transportation, the firm specializes in electric motorcycles designed for deliveries, equipped with advanced fleet management software.
Its solutions allow motorcycle fleet operators to make their operations environmentally sustainable while reducing Pakistan’s dependence on oil.
During a successful six-month trial with Chughtai Lab, Pakistan’s largest medical diagnostics company, Zyp Technologies electric motorcycles traveled more than 70,000 kilometers successfully.
This led to Chughtai Lab making a significant purchase of the vehicles.
At the same time, a three-month trial with the country’s leading courier company, TCS, also demonstrated the high performance of Zyp Technologies electric delivery motorcycles.
“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.
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