An electric motorbike manufacturer has secured $1.5 million in funding from Shorooq Partners and other investors. The funds will be used to set up 60 battery swap stations and produce 1,000 motorcycles over the next year.
On Monday, Zyp Technologies announced it has raised $1.5 million in Series Pre-A funding, led by Shorooq Partners. The funding will support the launch of Zyp’s electric smart mobility technologies in Lahore.
The investment will enable Zyp to set up more than 60 battery swap stations and deploy 1,000 Zyp Utility Motorcycles (ZUM 2000) over the next 12 months. These smart motorcycles come equipped with fleet management software, including features such as accident alerts, anti-theft protection, and location tracking.
The launch supports Pakistan’s National Electric Vehicle Policy, which targets electric vehicles making up 30 percent of all vehicles sold in the country by 2030.
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When the Pakistani government granted licenses for electric vehicle manufacturing to 31 companies in October 2023, Zyp Technologies was among those listed.
In a successful six-month trial with Chughtai Lab, Pakistan’s largest medical diagnostics company, Zyp’s electric motorcycles covered over 70,000 kilometers. This performance led Chughtai Lab to make a substantial purchase of the vehicles.
Zyp has set up an assembly line capable of producing up to 8,000 electric motorcycles annually. The company also plans to launch its motorcycles in several Gulf countries, including the United Arab Emirates (UAE), in 2025.
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