Pakistani startup electric motorcycles
A Pakistani startup, Zyp Technologies, has secured $1.2 million in a seed round led by Indus Valley Capital with the aim to build electric motorcycles in Pakistan along with battery swap stations for customers in the country.
Zyp Technologies, founded in September 2022, is based in Lahore and has announced that it has the capacity to build 8,000 electric motorcycles in a year, whereas its energy division – that will produce batteries, is in Islamabad. The company through its energy division aims to provide battery-as-a-service (BaaS) to its customers.
The BaaS model gives the customers to swap out their motorcycle battery for a fully-charged one from charging stations, giving the customers the flexibility to not have to recharge the entire battery and get a full charged battery within minutes.
Zyp aims to address the issues of high upfront cost
Range anxiety, and lengthy charging times through its two business lines – motorcycles and battery service. The company’s solutions enable motorcycle fleet operators to save up to 70% on fuel costs and eliminate air polluting emissions, making their operations environmentally sustainable and profitable.
Zyp has different variants of its motorcycles on offer that range from Rs150,000 to Rs450,000 and use many homegrown solutions and parts. The main attraction on offer is the battery subscriptions which can cost anywhere between Rs4,000 to Rs24,000.
Aatif Awan from Indus Valley Capital believes
Zyp’s product is one of the most important that Pakistan needs to help solve its trade imbalance and rising inflation.
Zyp started with an initial capital $66,000, whereas the company is utilizing the money it raised from the seed round for its capital expenditure on the assembly plant and for battery solutions, said CEO of Zyp Technologies Hassan Khan.
The company thinks that its bikes can be ideal for delivery riders as a cost effective alternative to petrol-powered motorcycles currently in use.