Lahore, Pakistan – July 23, 2024 – Zyp Technologies has raised $1.5M in Series Pre-A funding led by Shorooq Partners to enable a city-wide launch of Zyp’s electric smart mobility technologies in Lahore, Pakistan, marking a pivotal step towards meeting the nation’s ambitious environmental goals. Existing investor Indus Valley Capital doubled down in this round, joined by several angel investors.

With this investment, Zyp will create over 60 battery swap stations and deploy 1000 of its Zyp Utility Motorcycles (ZUM 2000) in the next 12 months. The smart motorcycles have fleet management software capabilities that include accident alerts, anti-theft features, and location tracking.

The launch aligns with Pakistan’s bold National Electric Vehicle Policy, which aims for electric vehicles to account for 30 percent of all vehicles sold in Pakistan by 2030. When the Pakistan government issued licenses for the manufacturing of electric vehicles to 31 companies in October 2023, Zyp Technologies was honored to be on this coveted list.

Zyp’s solutions allow motorcycle fleet operators to make their operations environmentally sustainable while reducing Pakistan’s dependence on oil. As the climate crisis grows more dire by the second, the urgency to electrify transportation has never been greater.

Hassan Khan, co-founder and CEO of Zyp Technologies, highlighted the transformative effect of Shorooq Partners’ investment: “This pivotal investment accelerates us towards achieving Pakistan’s electric vehicle ambitions by 2030. Zyp is removing affordability barriers for high-quality electric vehicles designed specifically for Pakistan’s tough environment, where extreme temperatures and bumpy roads abound. With one-minute refueling, our smart connected vehicles are heralding a new era of vehicles for the masses. Our trials have shown people love our smart vehicles and their quick refueling capability.”

During a successful six-month trial with Chughtai Lab, Pakistan’s largest medical diagnostics company, Zyp’s electric motorcycles traveled more than 70,000 kilometers successfully. This led to Chughtai Lab making a significant purchase of the vehicles. At the same time, a three-month trial with the country’s leading courier company, TCS, also 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.”

To continue playing a key role in Pakistan’s sustainability movement, Zyp has established an assembly line capable of producing up to 8,000 electric motorcycles per year. The company is also planning a mass release of motorcycles in multiple other Gulf nations, notably the United Arab Emirates, in 2025.

About Zyp Technologies:

Zyp Technologies is Pakistan’s first indigenous electric two-wheeler mobility company. Founded by engineering leaders from Silicon Valley, Australia and Pakistan’s automotive industry to address the growing demand for sustainable urban transportation, Zyp specializes in electric motorcycles designed for deliveries, equipped with advanced fleet management software.

About Shorooq Partners

Founded in 2017, Shorooq Partners is the leading alternative investment manager across the Middle East and North Africa regions. The firm’s venture capital and private credit funds invest in the most innovative technology companies. The firm has built deep sectoral expertise in Fintech, Platforms, Software, Gaming and Web3.0. Shorooq Partners has backed market leading disruptors including Pure Harvest Smart Farms, Nymcard, Tamara, Sarwa, Lean Technologies, TruKKer, Mozn and Lendo.

Shorooq Partners was built on the principle of being founders’ partners, company builders and value investors.Shorooq Partners is a pan regional firm with direct and indirect presence across Abu Dhabi, Dubai, Riyadh, Egypt and Korea.

Shorooq Partners refers to a group of companies that are affiliates of each other and which operate under this business name, of which Shorooq Partners Ltd (regulated by the ADGM Financial Services Regulatory Authority FSRA FSP: 190004) is a member.