Zyp Technologies, a Pakistani startup specializing in electric motorcycles, has successfully raised $1.2 million in a seed funding round led by Indus Valley Capital.
Zyp Technologies, a Pakistani startup specializing in electric motorcycles, has successfully raised $1.2 million in a seed funding round led by Indus Valley Capital.
The company, headquartered in Lahore, operates an assembly plant with an annual production capacity of 8,000 electric motorcycles. Additionally, their energy division, based in Islamabad, provides battery-as-a-service (BaaS).
Zyp Technologies focuses on two key business lines: electric motorcycles and battery services. The company aims to tackle common challenges associated with electric vehicles, including high initial costs, range anxiety, and extended charging durations.
Through their proprietary product lineup, which encompasses purpose-built electric motorcycles, innovative battery swap stations, patent-pending battery architecture, cloud software, and mobile applications, Zyp aims to revolutionize the electric motorcycle industry.
In light of climate change concerns and escalating fuel prices in Pakistan, the imperative to transition towards electrified transportation has never been more pressing.
Zyp’s solutions offer motorcycle fleet operators the opportunity to achieve substantial savings of up to 70% on fuel expenses while simultaneously eliminating environmentally detrimental emissions, establishing a more sustainable and profitable operation.
Aatif Awan, founding partner at Indus Valley Capital, emphasized that Zyp’s endeavors align with critical national priorities, aiding in the resolution of trade imbalances and inflationary pressures.
Hassan Khan, co-founder and CEO of Zyp Technologies, revealed that the company’s journey commenced with an initial bootstrap capital of $66,000. The recent seed funding will be allocated towards capital expenditures for the assembly plant and expanding battery solutions.
Addressing a common concern for electric vehicle users, Khan highlighted the introduction of battery-as-a-service, offering various subscription tiers tailored to individual rider usage. This innovative approach simplifies the battery replacement process, akin to refueling at a conventional petrol station.
Zyp Technologies offers a range of motorcycle models with prices spanning from Rs150,000 to Rs450,000. Battery subscription costs vary between Rs4,000 and Rs24,000.
The company places a strong emphasis on domestic production, with locally-manufactured charging stations capable of replenishing compatible motorcycles in just 60 seconds.
While the battery cells are imported, the motorcycle’s motor, design frame, all body components, and software solutions enabling fleet tracking and performance monitoring are domestically sourced. Zyp Technologies stands at the forefront of Pakistan’s electric vehicle landscape, poised to lead the charge towards a sustainable and eco-conscious future in transportation.