ZEVO Raises $2 Million for EV Expansion

ZEVO, a tech-enabled electric vehicle (EV) mobility platform, has raised $2 million in a Pre-Series A funding round led by Pegasus India Fund, BizDateUp, and JIIF. The funding will be utilized to deploy 5,000 electric vehicles and develop fulfillment centers across key locations, with a focus on expanding into tier II and III cities. Co-founders Aditya Singh Ratnu and Dhruv Bhatia emphasized their commitment to enhancing technological capabilities and promoting sustainable logistics solutions. ZEVO is also in discussions to secure an additional $20 million by January 2025, aiming to have 200,000 electric vehicles operational by 2030. This investment comes amid a growing Indian EV market projected to reach $110.74 billion by 2029, supported by government initiatives to bolster EV infrastructure.