Zypp Electric kicks off Series C Round with $15m investment led by ENEOS
New Delhi, May 27, 2024: Zypp Electric, India’s leading 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.
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 & 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 Electric has done 50 million+ shipment deliveries via electric vehicles from Jan’23 to Mar’24 period which equates to growing 76 Lakh trees on the planet Earth. The company’s environmentally friendly initiatives have led to a significant reduction of 31 million kilograms of carbon emissions since the start of its operations.
Zypp Electric has forayed into the three-wheeler cargo business and will soon cross 1000 electric L5 loaders in its EV fleet. Zypp Electric 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.
