Zypp Electric kicks off Series C round raising $15M from ENEOS, others
The company plans to use the funds to expand its fleet from 21,000 to 200k electric scooters and extend its services to 15 cities across India by 2026.
Electric, a tech-enabled EV-as-a-service platform, has raised $15 million, kicking off its Series C funding round, which was led by Japanese major ENEOS.
The round also saw participation from prominent investors including ENEOS and existing investors 9unicorns, IAN fund, venture catalysts, WFC & others.
The Series C1 funding comprises $15 million in equity closure as part of Zypp Electric's ongoing $50-million round, which is split into $40 million equity and $10 million in debt, the company said, in a statement.
Zypp Electric plans to use the funds to expand its fleet from 21,000 to 200,000 electric scooters and extend its services to 15 cities across India by 2026.
“Securing $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," said Akash Gupta, Co-founder and CEO of Zypp Electric.
"We are eager to expand our fleet and enhance our tech platform, driving significant growth across India... These funds will be utilised to drive the company towards the full path of growth along with EBITDA profitability,” he added.
Founded in 2017, Zypp Electric registered a revenue of Rs 325 crore in FY23-24. It launched its operations in Mumbai and Hyderabad recently.
The company’s environmentally friendly initiatives have led to a reduction of 31 million kilograms of carbon emissions since the start of its operations, said the company. It has done over 50 million shipment deliveries via electric vehicles from January 2023 to March 2024, it added.
Zypp Electric has ventured into the three-wheeler cargo business. It will soon cross 1,000 electric L5 loaders in its EV fleet, the company stated.
Zypp’s key partners include BigBasket, Zepto, Flipkart, Myntra, Zomato, Swiggy, Blinkit, Uber, Porter, Rapido, 1MG, Delhivery, and Blue Dart.
“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,” ENEOS commented.
Edited by Swetha Kannan