Zyp Technologies Secures $1.5 Million for City-Wide Electric Mobility Launch in Lahore

Zip Technologies has raised $1.5 million in pre-Series A funding, led by Shorooq Partners, to facilitate the city-wide launch of its electric smart mobility technologies in Lahore, Pakistan. Existing investor Indus Valley Capital and several angel investors also participated in this round. This funding marks a pivotal step towards achieving Pakistan’s ambitious environmental goals.

With this investment, Zyp Technologies will establish over 60 battery swap stations and deploy 1,000 of its Zyp Utility Motorcycles (ZUM 2000) within the next 12 months. These smart motorcycles come equipped with fleet management software capabilities, including accident alerts, anti-theft features, and location tracking.

The launch aligns with Pakistan's National Electric Vehicle Policy, which aims for electric vehicles to make up 30 percent of all vehicles sold in Pakistan by 2030. Zyp Technologies is honored to be among the 31 companies licensed by the Pakistani government to manufacture electric vehicles as of October 2023.

“Zyp is removing affordability barriers for high-quality electric vehicles designed specifically for Pakistan’s tough environment,” said Hassan Khan, co-founder and CEO of Zyp Technologies. “This pivotal investment accelerates us towards achieving Pakistan’s electric vehicle ambitions by 2030. Our smart connected vehicles are heralding a new era of vehicles for the masses.”

During a successful six-month trial with Chughtai Lab, Pakistan’s largest medical diagnostics company, Zyp's electric motorcycles traveled over 70,000 kilometers. This led to a significant purchase from Chughtai Lab. Additionally, a three-month trial with the leading courier company TCS demonstrated the high performance of Zyp’s electric delivery motorcycles.

“Our investment in Zyp Technologies will drive significant environmental and economic benefits for Pakistan,” commented Omer Zabit, Principal at Shorooq Partners. “We see this as an opportunity to support sustainable innovations in emerging markets.”

To support its growth, Zyp has established an assembly line capable of producing up to 12,000 electric motorcycles per year. The company is also planning a mass release of motorcycles in other Gulf nations, including the United Arab Emirates, in 2025.