In a groundbreaking move, Pakistani e-motorbike startup Zyp Technologies secures $1.2 million in seed funding, spearheading electric mobility adoption in Pakistan. The investment, led by venture capital fund Indus Valley Capital, aims to overcome adoption hurdles such as high upfront costs, range anxiety, and long charging times.
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With this funding, Zyp plans to bolster its assembly line, capable of producing up to 8,000 e-motorbikes annually, catering to various price ranges from Rs. 150,000 to 450,000. Additionally, the startup intends to establish 4,000 charging stations nationwide.
Aatif Awan, founding partner at Indus Valley Capital, commended Zyp’s vision to electrify Pakistan’s 25 million motorbikes, addressing trade imbalances and inflation. He praised Zyp’s dedication to creating an indigenous solution for the country’s clean energy needs.
Zyp’s founders, with experience from Silicon Valley giants like Microsoft and Intel, as well as automotive companies such as Volvo and Land Rover, have made remarkable progress in designing and building an all-encompassing solution over the past ten months.
One of Zyp’s groundbreaking achievements is the Zyp Energy battery swap station, laying the foundation for its battery-as-a-service (BaaS) model. This innovative approach reduces upfront costs, as the battery is offered through a subscription fee based on usage. The station, designed with a focus on safety, security, and user-friendliness, enables compatible motorcycles to be “refueled” in just 60 seconds.
Furthermore, Zyp has established an assembly line capable of producing up to 8,000 motorcycles annually, demonstrating its commitment to meeting demand from both business customers and individual buyers.
Hassan Khan, Co-Founder and CEO of Zyp Technologies, emphasized the pivotal role of Indus Valley Capital’s backing in enabling the development of a tailored solution for Pakistan. Zyp’s mission is to introduce beautifully designed vehicles, offering a departure from conventional motorcycle designs and EV copycat approaches. Khan also highlighted the significance of the government’s EV policy in bringing the founders together and urged successive governments to uphold and evolve the policy to reduce Pakistan’s oil dependence and improve air quality.
This development not only presents significant fuel savings of up to 70% for motorcycle fleet operators, businesses, and individual riders but also provides a practical solution in the face of soaring fuel prices. The recent increase in petroleum product prices by the caretaker government underscores the urgency of adopting clean and cost-effective alternatives like Zyp’s e-motorbikes.
