Zypp Electric Raises $7 Mn Series A Funding From 9Unicorns, Anthill Ventures And Others
The platform will be using the fresh funds to rapidly scaling up the business over the next 12 months
Zypp Electric (Zypp), a hyperlocal and last-mile delivery service provider that uses only electric vehicles (EV) to deliver products, on Tuesday announced to have raised around $7 million in a Series A round co-led by 9Unicorns and Anthill Ventures as investors.
The round also witnessed participation from marquee family offices and early-stage funds; Nanavati Family Office, We Founder Circle, Silicon Valley-based Riso Capital Fund, Dholakia Ventures along with existing investors Venture Catalysts and IAN Fund. Few angel investors like Tarun Saraf of Warehouse Now, Rahul Khera of AWL logistics;Arjun Seth, Mark Josephboth EV enthusiasts also invested in the latest round.
With the fresh funding, Zypp has now raised $12.5 million so far.
Zypp would be using the fresh funds in rapidly scaling up the business over the next 12 months in building an asset light EV business with simple charging solutions, having a fintech model of EV onboarding and focusing on technology to utilize the fleet capacity so as to help generate better savings and earnings for delivery executives. Zypp would continue to expand from 10 cities to 25 cities and grow its EV fleet to 100,000 EVs in the next few years.
“The electric logistics vision is a $123 billion market in India and we can see multiple unicorns in this space. We at Zypp wish to be the first and the largest when it comes to electrifying logistics. With the largest customers in our belt, with the best team on board and with the largest EV logistics fleet in the country, we aim to make every delivery pollution free for our customers and also creating more savings for the delivery executives whom we call as Zypp pilots. We are thankful to all our incoming investors who have believed in us and our growth vision. I'd still say that we're just getting started and still just scratching the surface of what the future entails in the EV logistics space which we’re super excited and committed to solve,” said Akash Gupta, co-founder and chief executive officer, Zypp Electric.
Zypp, co-founded by Akash Gupta and Rashi Agarwal in 2017, provides logistics services to multiple clients. Its vision is to uberize and electrify same day and hyperlocal delivery space. Zypp aims to disrupt and transform the future of the last mile delivery with right EVs, battery swapping infrastructure, IOT, and AI/ML platform while making it sustainable and affordable for businesses of all types including e-commerce, e-grocery, kiranas to large e-retail customers.
“The EV market in India is slated to be a $206 billion market by 2030 and the two-wheeler especially has a massive potential with a 100 per cent FDI and different schemes rolled out by the Centre to make two-wheeler EVs affordable and increase the production. This is definitely going to give a major push to expand the industry and also increase sales. Hence, we are proactively looking at the EV space at present and are optimistic about Zypp’s potential to be a Unicorn in this space,” shared Dr Apoorva Ranjan Sharma, co-founder, 9Unicorns and Venture Catalysts.
Zypp that works with about 200-odd B2B grocery and other hyperlocal delivery companies in the country like BigBasket, Amazon, Rapido, Flipkart, Spencers, Grofers, Citymall, Dealshare, and many more customers; has over 2000 EVs across cities such as Delhi NCR, Bangalore, Hyderabad, Mumbai, and Pune. The company plans to expand to 10,000 vehicles across 25 cities over the next 12 months. The company has tied up with OEMs such as Hero Electric, Etrio, and Piaggio to procure the vehicles, the company said.