Zyngo has announced that it will deploy over 18,000 electric vehicles (EV) in India to enhance last-mile deliveries. Zyngo intends to be the country’s largest third-party logistics supplier. As per the company’s statement, EVs will be distributed across the country by the end of this financial year and will be leased or purchased from a variety of domestic original equipment manufacturers (OEMs).
In the financial year 2022–23, Zyngo plans to expand into additional markets such as Pune, Ahmedabad, Indore, Chennai, Lucknow, Bhopal, etc. Electric two-wheelers will account for around 60 per cent of the new EVs, with electric three-wheelers accounting for the remaining 40 per cent. Furthermore, Zyngo has entered into Service Level Agreements with a number of OEMs, under which the OEMs would provide maintenance and repair for the electric vehicles.
At present, Zyngo does about 300,000 deliveries per month by employing a fleet of more than 850 electric two-wheelers and three-wheelers. The company also stated that it had achieved an annual recurring revenue of about Rs 90 million in the previous financial year. In the last one year, Zyngo grew by about 6 times and now it aims to reach an ARR of Rs 1 billion in the current financial year.