New Delhi: Zypp Electric, a leading tech-enabled EV-as-a-service platform, has raised USD 15 million from Series C funding round which was led by the Japanese major ENEOS. The Series C1 funding comprises USD 15 million in equity closure as part of its on-going USD 50 million round which is split into USD 40 million equity and USD 10 million debt, the company said.
Besides ENEOS, the equity funding had participation from the existing investors, 9 unicorns, IAN fund, venture catalysts, WFC, and others.
The Series C funds will be utilized 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 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 said, “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 FY23-24 and launched operations in Mumbai and Hyderabad recently. Zypp Electric has done 50 million+ shipment deliveries via electric vehicles during January 2023 to March 2024 period, the company said in a media release.
Zypp Electric has forayed into the three-wheeler cargo business and will soon cross 1000 electric L5 loaders in its EV fleet. It is poised to cater to a wider range of business needs while maximising revenue streams and branding options on the E3W open for advertising.
Zypp’s key partners include BigBasket, Zepto, Flipkart, Myntra, Zomato, Swiggy, Blinkit, Uber, Porter, Rapido, 1MG, Delhivery, and Blue Dart, the release added.
