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ZEVO Raises $2M to Deploy 5,000 EVs and Expand Across India

The image shows Aditya Singh Ratnu (left) and Dhruv Bhatia (right), two men in formal attire against a sunset backdrop, with the logo of "ZEVO" prominently displayed above them. Aditya is wearing yellow-tinted glasses, and both are dressed in suits. Alongside them is a green electric rickshaw with the "ZEVO" logo on it. The scene suggests an eco-friendly transportation or electric vehicle startup.
By
Anurag Trivedi
1 min read

Homegrown electric vehicle (EV) mobility platform, ZEVO, has raised $2 million in a pre-Series A round led by Pegasus India Fund, with participation from BizDateUp, JIIF, and a family office. The funding will be used to expand ZEVO’s EV fleet and develop infrastructure for sustainable logistics solutions across India.

Key Initiatives

  • Fleet Expansion: ZEVO plans to deploy 5,000 electric vehicles, enhancing delivery operations to improve efficiency and sustainability.
  • Infrastructure Development: The startup will establish fulfillment centers in strategic locations to optimize supply chain management.

Leadership Commentary

  • Aditya Singh Ratnu, CEO of ZEVO:"This investment reflects investor confidence in our vision to drive EV adoption in India."

Expansion Goals

  • New Markets: ZEVO will broaden its footprint into tier 2 and tier 3 cities, bringing sustainable mobility to underserved regions.
  • Future Funding: Co-Founder Dhruv Bhatia revealed plans to raise an additional $20 million by January 2025, with a long-term goal of putting 200,000 electric vehicles on the road by 2030."Our focus on deploying advanced technologies and expanding into tier 2 and 3 cities is driven by a commitment to sustainable growth and innovation."

This investment signals a significant step forward for ZEVO in revolutionizing India’s EV supply chain.

Source: Indian Startup News