Electric vehicle (EV) logistics mobility platform Zevo has raised $2 million in a pre-series A funding round.

Pegasus India Fund, BizDateUp, JIIF, and a family office led the funding.

Zevo plans to use the funds to deploy 5,000 EVs and develop fulfillment centers across critical locations. It also aims to upgrade its technological infrastructure to optimize logistics and supply chain management.

The company also plans to expand to new cities and strengthen its presence in tier 2 and tier 3 cities.

It is also in talks to raise $20 million by January 2025. With the future investment, the company aims to have 200,000 EVs on the roads by 2030.

Zevo is an EV supply chain-as-a-service platform that enables end-to-end supply chain solutions, including first-mile procurement, last-mile delivery, temperature-controlled refrigerated delivery, forward and reverse logistics, and agricultural supply chain electrification.

It also has an integrated electric agriculture supply chain platform that electrifies the agricultural supply chain network, including cold transportation, storage, and last-mile cold deliveries.

Zevo is operational in over 20 cities, including Delhi, Bengaluru, Mumbai, and Chennai. The company provides services in the two-wheeler, three-wheeler, four-wheeler, and truck segments.

In March 2024, the Ministry of Heavy Industries launched the Electric Mobility Promotion Program 2024 with a funding of ₹5 billion (~$60.34 million). The program is scheduled from April 1, 2024, to July 31, 2024, and targets electric two-wheelers and three-wheelers, including e-rickshaws, e-carts, and L5 category vehicles.

In February, the ministry enhanced the budgetary outlay of the Faster Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME-II) program from ₹100 billion (~$1.20 billion) to ₹115 billion (~$1.38 billion). The subsidies for demand incentive will be eligible for electric two-, three-, and four-wheelers sold until March 31, 2024.