ZEVO Secures USD 2 Million in Pre-Series A Funding for Electric Vehicle Expansion

New Delhi, Oct 3 (PTI) Electric mobility platform ZEVO on Thursday said it has raised USD 2 million (over Rs 15 crore) in a Pre-Series A funding round.

The investment was led by Pegasus India Fund, BizDateUp, JIIF and an undisclosed family office, the company said in a statement.

The fresh fund will be utilised to deploy 5,000 electric vehicles and develop fulfilment centres across key locations, it added.

"With these funds, we aim to accelerate our growth, enhance our technological capabilities, and expand our reach, ultimately driving the adoption of electric vehicles in India," ZEVO CEO Aditya Singh Ratnu said.

ZEVO said it is in talks to raise USD 20 million by January 2025 as part of programme to have 2 lakh electric vehicles on the road by 2030.