Zyp Technologies to launch electric motorcycles and battery swap stations in Pakistan with $1.5 million investment

Zyp Technologies, an electric motorcycle assembly startup, announced on July 23 that it has secured $1.5 million in Series Pre-A funding, led by Abu Dhabi-based Shorooq Partners.

Karachi’s Indus Valley Capital doubled down on their investment in the funding round, which saw participation from several angel investors.

The fresh funding will support the city-wide launch of Zyp’s electric smart mobility technologies in Lahore, and the establishment of over 60 battery swap stations, deploying 1,000 Zyp Utility Motorcycles (ZUM 2000) in the next 12 months.

Hassan Khan, co-founder and CEO of Zyp Technologies, said: “This pivotal investment accelerates Pakistan towards achieving its electric vehicle ambitions by 2030. Zyp is removing the barrier of affordability from high-quality electric vehicles, which are designed specifically for Pakistan’s extreme temperatures and bumpy roads. Our trials have shown people love our smart vehicles and their quick refueling capability.”

Shorooq Partners also participated in Zyp’s latest funding round. Omer Zabit, Principal at Shorooq, said their investment is expected to drive notable environmental and economic benefits.

“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.”

Zyp Technologies

Founded in September 2022, Zyp Technologies operates an assembly plant in Lahore, capable of producing 12,000 electric motorcycles annually. This is an increase from its previous capacity of 8,000 units.

The company’s efforts align with Pakistan’s National Electric Vehicle Policy, which aims for electric vehicles to comprise 30% of all vehicles sold in the country by 2030. Zyp was among the 31 comp panies granted licenses for manufacturing electric vehicles in October 2023.

Zyp’s electric motorcycles have already proven their value in trials with major Pakistani companies. A six-month trial with Chughtai Lab, the country’s largest medical diagnostics company, saw Zyp’s motorcycles travel over 70,000 kilometers, leading to a significant purchase order from Chughtai. Similarly, a three-month trial with leading courier company TCS highlighted the high performance of Zyp’s delivery motorcycles.

Zyp Technologies’ expansion plan

Zyp Technologies plans to expand its reach beyond Pakistan, with a mass release of motorcycles in multiple Gulf nations, including the UAE, slated for 2025. Despite a challenging funding environment in Pakistan, with high interest rates and economic uncertainties, Zyp’s strong product traction has enabled it to secure necessary investments.

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