Pakistani startup secures $1.2 million funding for ground-breaking motorcycle model

ISLAMABAD: ZYP Technologies has raised $1.2 million as seed capital to advance its groundbreaking battery-swap motorcycle model, called the “Magvus EV”. The investment round was led by Indus Valley Capital.

ZYP Technologies initially unveiled the Magvus EV and its impressive specifications back in April of this year. The hallmark of this electric motorcycle is its state-of-the-art lithium-ion battery, capable of providing a remarkable range of up to 150 kilometers on a single charge. What sets it apart is the battery’s swappable design, enabling users to effortlessly exchange batteries on the go and continue their journey without interruption.

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Equipped with a high-tech digital display, the Magvus EV offers real-time information on crucial parameters such as speed, battery life, and more. Safety features of the motorcycle include an anti-lock braking systems (ABS) and front and rear disc brakes.

The pricing structure for the Magvus EV ranges from Rs 150,000 to Rs 450,000, depending on the chosen variety. It’s worth noting that the initial pricing estimates were slightly revised upwards since the April announcement.

ZYP Technologies have already established an assembly line capable of producing up to 8,000 motorcycles annually. They also plan to establish 4,000 charging stations across the country.

In a country grappling with climate change challenges and soaring fuel prices, the Magvus EV emerges as a promising solution. It is poised to deliver substantial cost savings of up to 70 percent on fuel expenses while simultaneously contributing to a reduction in air-polluting emissions.