Zypp Electric, a tech-integrated EV-as-a-service company, has started its Series C funding round and has raised USD 15 million at the initial stage. Led by Japan’s ENEOS, the Series C1 funding can be seen as a highly notable investment expansion comprising of USD 15 million in equity closure as part of its ongoing USD 50 million round which is split into USD 40 million equity and USD 10 million in debt.
This round attracted a lot of engagement from the strategic investors, including ENEOS and those from the previous round including 9 unicorns – IAN Fund, Venture Catalysts and WFC among others. Newfound Series C funding will help Zypp achieve its aggressive expansion strategy of increasing the fleet size from a mere twenty one thousand electric scooters to two lakh as well as expansion of its service to fifteen cities across India by the year 2026. “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,” said Akash Gupta, Co-founder and CEO, Zypp Electric.
Zypp Electric posted a massive revenue of INR 325 crore for the fiscal year 23-24 and has recently launched its services in Mumbai and Hyderabad. Interestingly, the company has successfully executed the shipment deliveries of over fifty million electric vehicles from January, 2023 to March, 2024 and this amounts to planting equivalent trees on the Earth, that is 76 lakhs.
Zypp Transport continues to embody its environmentally friendly policy evidenced by the fact that it has managed to eliminate approximately 31 million kilograms of carbon dioxide within the first years of its operations.
Zypp Electric, the Pune- based start-up, has crossed over to three-wheeler cargo business and is gearing up to have more than 1000 EVs in its fleet with L5 loaders. In its bid to reach out to a wider market to meet the various needs of business, Zypp is leveraging the revenue generation avenues as well as branding through its E3W platform which is available for advertising services.