Zyp Technologies Secures $1.5M Series Pre-A Funding to Expand Electric Mobility in Lahore, Pakistan
Lahore, Pakistan – Zyp Technologies, Pakistan’s pioneering electric two-wheeler mobility company, has successfully raised $1.5 million in Series Pre-A funding. The round was led by Shorooq Partners, with participation from existing investor Indus Valley Capital and several angel investors. This funding will support the city-wide launch of Zyp’s electric smart mobility technologies in Lahore, marking a significant step towards Pakistan’s ambitious environmental goals.
With the newly secured investment, Zyp plans to establish over 60 battery swap stations and deploy 1,000 Zyp Utility Motorcycles (ZUM 2000) within the next year. These smart motorcycles come equipped with advanced fleet management software, including accident alerts, anti-theft features, and location tracking.
Supporting Pakistan’s National Electric Vehicle Policy
This expansion aligns with Pakistan’s National Electric Vehicle Policy, which aims for electric vehicles to constitute 30 percent of all vehicles sold in the country by 2030. Zyp Technologies was among the 31 companies awarded manufacturing licenses for electric vehicles by the Pakistani government in October 2023.
Promoting Sustainable Transportation
Zyp Technologies aims to make motorcycle fleet operations environmentally sustainable while reducing Pakistan’s reliance on oil. As climate change becomes an increasingly urgent issue, the need to electrify transportation has never been more critical.
Hassan Khan, co-founder and CEO of Zyp Technologies, stated, “This pivotal investment accelerates Pakistan towards achieving its electric vehicle ambitions by 2030. Zyp is removing the barrier of affordability from high-quality electric vehicles, which are designed specifically for Pakistan’s extreme temperatures and bumpy roads. Our trials have shown people love our smart vehicles and their quick refueling capability.”
Successful Trials and Future Plans
During a six-month trial with Chughtai Lab, Pakistan’s largest medical diagnostics company, Zyp’s electric motorcycles successfully traveled more than 70,000 kilometers, leading to a significant purchase order from Chughtai Lab. Similarly, a three-month trial with TCS, the country’s leading courier company, demonstrated the high performance of Zyp’s electric delivery motorcycles.
Omer Zabit, principal at Shorooq Partners, commented, “Our investment in Zyp Technologies will drive significant environmental and economic benefits for Pakistan in the long term by addressing some of the challenges that delivery companies and the mobility industry typically face. We see this as an opportunity to support more sustainable innovations in emerging markets.”
Zyp has also established an assembly line capable of producing up to 12,000 electric motorcycles per year and plans to launch its motorcycles in multiple Gulf nations, including the United Arab Emirates, in 2025.
About Zyp Technologies
Zyp Technologies, founded by engineering leaders from Silicon Valley, Australia, and Pakistan’s automotive industries, is Pakistan’s first indigenous electric two-wheeler mobility company. Zyp specializes in electric motorcycles designed for deliveries, equipped with advanced fleet management software.
About Shorooq Partners
Founded in 2017, Shorooq Partners is a leading alternative investment manager in the Middle East and North Africa. The firm’s venture capital and private credit funds invest in innovative technology companies across sectors like fintech, platforms, software, gaming, and Web3.0. Shorooq Partners has backed market leaders such as Pure Harvest Smart Farms, Nymcard, Tamara, Sarwa, Lean Technologies, TruKKer, Mozn, and Lendo. The firm operates across Abu Dhabi, Dubai, Riyadh, Egypt, and Korea, and is regulated by the ADGM Financial Services Regulatory Authority.
