Zyp Technologies, a Pakistani e-motorcycle business, has raised $1.2 million in seed funding, with the help of venture capital firm Indus Valley Capital.
By removing three significant barriers to adoption with this significant investment, Zyp is promoting mass market adoption of electric mobility in Pakistan:
– High initial cost
– Range anxiety
– Long charging times.
In order to satisfy demand, the business intends to deploy this investment at its assembly plant, which has the capacity to produce up to 8,000 e-motorbikes annually. The price of these bikes would range from Rs. 150,000 to Rs. 450,000, depending on the production version.
The business also plans to construct 4,000 charging stations all around the nation.
According to Aatif Awan, a founding partner at Indus Valley Capital, “Zyp is producing one of the most critical products Pakistan needs to help fix the trade imbalance and excessive inflation. With its aim to electrify the 25 million motorbikes in Pakistan. We are delighted to support the amazing indigenous solution that the Zyp team has painstakingly developed their electric motorbikes and battery swapping to work effectively in the local environment.
The founders of Zyp teamed up with the goal of developing a locally produced vehicle brand for the renewable energy market in Pakistan. This dream squad unites expertise from Silicon Valley firms like Retailo, Volvo and Land Rover, as well as automakers like Intel and Microsoft.
According to a press release, Zyp has achieved outstanding progress over the previous ten months in designing and developing its comprehensive solution by utilising internal experts, engineers, innovators, and a network of domestic and foreign suppliers & partners.
A significant accomplishment that served as the cornerstone for Zyp Energy’s battery-as-a-service (BaaS) business model is the battery swap station.
Since the battery is not sold with the bike, it aids Zyp in lowering the initial cost. Instead, it is made available for a usage-based subscription price.
This station enables compatible motorcycles to be “refuelled” within 60 seconds thanks to a revolutionary design and technology that builds on fundamental principles of safety, security, and use. Zyp is on schedule to set up its first Zyp Energy station on the property of a significant B2B client.
Additionally, the company built an assembly line that can build up to 8,000 motorcycles annually, demonstrating its dedication to satisfying both business and retail client demand.
As a result of this invention, motorcycle fleet operators, companies, and individual riders can reduce their fuel costs by up to 70% while also reducing air pollution.
Additionally, these bikes provide a quick cure for anyone seeking protection from rising fuel prices. Relevantly, on September 1, the caretaker administration raised the price of petroleum products, bringing the cost of gasoline to a record-high of Rs. 305.36 per litre and the cost of high-speed diesel to Rs. 311.84 per litre.