Zyp raises $1.2m in seed funding, launches made-in-Pakistan electric bikes with battery swapping

Zyp Technologies, a Pakistani electric vehicles startup, announced on Tuesday that it had raised $1.2 million in seed funding led by Indus Valley Capital (IVC). “With this key investment, Zyp is driving mass-market adoption of electric mobility in Pakistan by addressing three key hurdles to adoption: high upfront cost, range anxiety and long charging times,” a press release issued by the startup said. “Zyp achieves this through their indigenously developed product portfolio that includes purpose-built electric motorcycles, innovative battery swap stations, proprietary and patent pending battery architecture, cloud software and mobile apps,” the press release added. The company said that in light of climate change and rising fuel prices in the country, the urgency to electrify transportation “has never been greater”. “Zyp’s solutions enable motorcycle fleet operators to save up to 70 per cent on fuel costs and eliminate air polluting emissions, making their operations environmentally sustainable and profitable,” it added.