New Delhi: Zypp Electric, tech-enabled EV-as-a-service platform, has announced the successful kick-off of its Series C funding round, raising $15 million. This round was led by Japanese major ENEOS. The Series C1 funding comprises $15 million in equity closure as part of its ongoing $50m round which is split into $40m equity and $10m in debt.
The equity funding saw participation from prominent investors including ENEOS along with participation from existing investors 9unicorns, IAN fund, venture catalysts, WFC & others.
As per Zypp, the Series C funds will be utilized to expand it’s fleet from 21,000 to 200k electric scooters and extend its services to 15 cities across India by 2026.
Akash Gupta, Co-founder & CEO of Zypp Electric, stated, “Securing $15 million in Series C1 funding is a pivotal moment & strong validation amid the current funding environment for Zypp Electric. This investment propels our mission to revolutionize last mile delivery with sustainable EV solutions. We are eager to expand our fleet and enhance our tech platform, driving significant growth across India. Our commitment to reducing emissions and improving the lives of our driver partners and customers remains stronger than ever. These funds will be utilised to drive the company towards the full path of growth along with EBITDA profitability.”
ENEOS commented, “In India, last-mile delivery market is skyrocketing especially within urban areas. Zypp is operating its business as a pioneer in the EV motorcycle delivery market with competitiveness and this is the reason why we made the decision to invest.”
Zypp Electric registered a revenue of INR 325CR in FY23-24 and launched operations in Mumbai and Hyderabad recently. Zypp’s key partners include BigBasket, Zepto, Flipkart, Myntra, Zomato, Swiggy, Blinkit, Uber, Porter, Rapido, 1MG, Delhivery, and Blue Dart.
