[Funding alert] Zypp Electric raises $7M in Series A led by 9Unicorns and Anthill Ventures
Hyperlocal and EV-based last-mile delivery startup Zypp Electric has raised around $7 million in Series A round co-led by 9Unicorns and Anthill Ventures.
The round also saw 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 Joseph, both EV enthusiasts, also invested in the latest round.
With the fresh funding,has now raised $12.5 million in total so far.
Akash Gupta, Co-founder and CEO, Zypp Electric, said:
“Zypp will be using the fresh funds to rapidly scale 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 on boarding and focusing on technology to utilise the fleet capacity so as to help generate better savings and earnings for delivery executives."
Co-founded by Akash Gupta and Rashi Agarwal in 2017, Zypp Electric aims to disrupt and transform the future of 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 ecommerce, e-grocery, and kiranas to large e-retail customers.
“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," said Akash.
"We are thankful to all our investors who have believed in us and our growth vision. Zypp will continue to expand from 10 cities to 25 cities and grow its EV fleet to 100,000 EVs in the next few years. I'd still say that we're just getting started and are still just scratching the surface of what the future entails in the EV logistics space, which we’re super excited and committed to solve,” he added.
Zypp, which 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 2,000 EVs across cities such as Delhi NCR, Bengaluru, Hyderabad, Mumbai, and Pune.
Dr. Apoorva Ranjan Sharma, Founder of 9Unicorns and Venture Catalysts added,
“The EV market in India is slated to be a $206 billion market by 2030 and the two-wheelers especially have a massive potential with a 100 percent 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.”
Edited by Megha Reddy