Zypp Electric, a tech-enabled EV-as-a-service platform, has announced the commencement of its Series C funding round, raising USD 15 million. This initial round, led by Japanese major ENEOS, marks a significant milestone for the company. The Series C1 funding includes USD 15 million in equity, part of an ongoing USD 50 million round, which is divided into USD 40 million in equity and USD 10 million in debt.
Prominent investors, including ENEOS, 9unicorns, IAN Fund, Venture Catalysts, WFC, and others, have shown strong participation in this round. The newly secured funds will be instrumental in expanding Zypp’s fleet from 21,000 to 200,000 electric scooters and extending its services to 15 cities across India by 2026.
Akash Gupta, Co-founder & CEO of Zypp Electric, expressed his enthusiasm, stating, “Securing USD 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 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 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.”
Zypp recently achieved operational profitability, reporting a revenue of Rs 325 crore for FY23-24. The company has commenced operations in Mumbai and Hyderabad, with its current fleet standing at 21,000 two-wheelers and approximately 800 three-wheelers. Zypp Electric has successfully completed over 50 million shipment deliveries via electric vehicles from January 2023 to March 2024, equivalent to planting 7.6 million trees. This initiative has resulted in a significant reduction of 31 million kilograms of carbon emissions since the company's inception, the company shared.
Further expanding its offerings, Zypp Electric has entered the three-wheeler cargo business and is on track to surpass 1,000 electric L5 loaders in its EV fleet. This expansion allows Zypp to cater to a broader range of business needs, maximising revenue streams and offering branding opportunities on its E3W vehicles. Key partners include BigBasket, Zepto, Flipkart, Myntra, Zomato, Swiggy, Blinkit, Uber, Porter, Rapido, 1MG, Delhivery, and Blue Dart.