Zypp Electric Raises USD 15 Mn in Series C led by ENEOS The Gurugram-based platform aims to deploy the raised funds to expand its fleet from 21,000 to 200k electric scooters and extend its services to 15 cities across India by 2026.
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Tech-enabled EV-as-a-service platform Zypp Electric announced that it has raised INR 116 crore (USD 14 million) in its Series C round from Japan-based petroleum firm ENEOS.
As per the official release, the series C1 funding comprises USD 15 million in equity closure as part of its ongoing USD 50 million round, which is split into USD 40 million in equity and USD 10 million in debt.
In addition to the current investors, 9 Unicorns, IAN Fund, Venture Catalysts, WFC, and others, notable investors such as ENEOS participated in the equity investment.
The fresh funds will be utilised to expand Zypp's fleet from 21,000 to 200k electric scooters and extend its services to 15 cities across India by 2026.
Akash Gupta, Co-founder and CEO of Zypp Electric, said, "Securing USD 15 million in Series C1 funding is a pivotal moment and strong validation amid the current funding environment for Zypp Electric. This investment propels our mission to revolutionise 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 drivers, 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," he added.
Founded in 2017 by Akash Gupta, Rashi Agarwal, and Tushar Mehta, Zypp Electric provides electric scooters to local merchants and e-commerce companies for last-mile deliveries.
The company currently delivers groceries, medicines, food, and e-commerce packages from point A to point B through their fully automated IoT and AI-enabled scooters.
ENEOS added, "In India, the 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 325 crore in FY 23–24 and launched operations in Mumbai and Hyderabad recently. It claims to have done over 50 million shipment deliveries via electric vehicles from January 2023 to March 2024.
Zypp Electric has forayed into the three-wheeler cargo business and will soon cross 1,000 electric L5 loaders in its EV fleet.
BigBasket, Zepto, Flipkart, Myntra, Zomato, Swiggy, Blinkit, Uber, Porter, Rapido, 1MG, Delhivery, and Blue Dart are some of its important partners.
