Homegrown electric vehicle (EV) mobility platform ZEVO has raised $2 million in a pre-Series A funding round led by Pegasus India Fund, along with BizDateUp, JIIF and Family office.

This funding is a significant step in ZEVO's journey towards expanding its eco-friendly electric vehicle portfolio and developing advanced infrastructure across India.

The startup plans to use the funds raised to deploy 5,000 electric vehicles and increase the number of existing vehicles. These vehicles will be integrated with various delivery activities and will focus on promoting sustainability as well as improving operational efficiencies.

"This investment is a testament to the trust that investors have in our vision and the significant impact we are having on the EV industry," said Aditya Singh Ratnoo, CEO, ZEVO. "With these funds, we aim to accelerate the company's growth, enhance its technical capabilities and expand its reach. " "Aditya added.

Dhruv Bhatia, co-founder of ZEVO, said he plans to raise additional funds. He said ZEVO is in talks to raise $20 million in funding by January 2025.