Pakistani e-motorbike startup Zyp Technologies has raised $1.2 million in seed funding led by venture capital fund Indus Valley Capital.
With this key investment, Zyp is driving mass-market adoption of electric mobility in Pakistan by addressing key hurdles to adoption including High upfront cost, Range anxiety, Long charging times.
According to the official statement, the company aims to use this investment at its assembly line which is capable of manufacturing up to 8,000 e-motorbikes per year to meet demand. Depending on each variant in production, these bikes may cost in the region of Rs150,000-450,000.
The startup also intends to build 4,000 charging stations across the country.
Aatif Awan, founding partner at Indus Valley Capital, said, 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 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.
Zyp founders joined forces with a mission to create Pakistan’s own homegrown automotive brand in the clean energy sector.
This dream team brings experience from Silicon Valley tech companies like Microsoft and Intel, as well as auto companies like Volvo and Land Rover, and startups like Retailo.