Lahore-based electric mobility provider Zyp Technologies has secured $1.2 million in seed funding, marking a significant milestone in Pakistan’s flourishing electric vehicle industry.
The funding round was led by Indus Valley Capital. Hassan Khan, co-founder and CEO of Zyp Technologies said the funding would enable the company to create tailored solutions for Pakistan.
“With this key investment, Zyp is driving mass-market adoption of electric mobility in Pakistan by addressing three key hurdles to adoption: high upfront cost, range anxiety and long charging times,” the startup said September 12.
Aatif Awan, a founding partner at Indus Valley Capital, commented, “With its vision to electrify the 25 million motorbikes in Pakistan, Zyp is building one of the most important products Pakistan needs to help solve the trade imbalance and high inflation. Zyp’s team has meticulously designed their electric motorbikes and battery swapping to perform well in the local environment, creating a remarkable indigenous solution we’re proud to back.”
Khan said Pakistan’s electric vehicle policy was the “triggering point which brought all founders together”, adding that upcoming governments must “hold and evolve the policy to reduce Pakistan’s dependence on oil and to help ensure our cities have clean air once again”.
In 2019, Pakistan approved the ambitious National Electric Vehicles Policy, offering incentives aimed at having electric vehicles capture 30% of all passenger vehicle and heavy-duty truck sales by 2030, and 90% by 2040.
Given the challenges of climate change and increasing fuel costs in the country, the need to transition to electric transportation has become more urgent than ever, the company said.
“Zyp achieves this through their indigenously developed product portfolio that includes purpose-built electric motorcycles, innovative battery swap stations, proprietary and patent pending battery architecture, cloud software and mobile apps,” the company added.
ZUM 2000
Zyp also unveiled its range of “made-in-Pakistan” electric bikes featuring innovative battery-swapping technology. The company said it had achieved “remarkable progress” in designing and building its “complete solution” and had already established an assembly line “capable of producing up to 8,000 motorcycles annually”.
Describing its utility electric bike, the company said ZUM 2000 is engineered to be gender-neutral and targeted towards delivery riders. It enables comfortable day-long deliveries at a significantly reduced cost compared to all other available options. Fleet operators benefit from state-of-the-art fleet management software that includes advanced features like vehicle tracking, geo-fencing, theft detection, ride monitoring, and vehicle service tracking, effectively managing their fleet of ZUM 2000 motorcycles.
Three major challenges
The Lahore-based smart mobility solutions provider said the funding is aimed at tackling three major challenges in the EV adoption process:
- high initial costs
- range anxiety
- long charging times
Zyp Technologies achieved these goals through an impressive range of indigenously developed products.
Previous accomplishments of Zyp
Zyp’s portfolio includes purpose-built electric motorcycles, ground-breaking battery swap stations, proprietary battery architecture, advanced cloud software, and user-friendly mobile apps.
As climate change concerns and rising fuel costs grip Pakistan, the urgency to electrify transportation has never been greater. Zyp’s solutions are designed to empower motorcycle fleet operators to save up to 70% on fuel costs while simultaneously eliminating air-polluting emissions, making their operations more environmentally sustainable and profitable.
The company’s Zyp Energy battery swap station is also a “pivotal achievement” that lays the foundation for Zyp’s battery-as-a-service (BaaS) business model. It allows compatible motorcycles to be “refueled” within 60 seconds.
[…] more expensive than their competitors. A Lahore-based electric mobility, Zyp Technologies, recently raised $1.2 million for its battery swapping electric motorbikes with a production capacity of 8,000 units […]