Grip Invest has raised approximately Rs 6 crore (equivalent to USD 8,00,000) for Zypp Electric. This will help the electric vehicle logistics firm to increase its fleet to 2,000 e-bikes. Zypp has been leasing electric vehicles from Grip since June 2020. Grip Invest is planning to help Zypp in reducing capex costs and focusing on enhancing its network. The amount raised has been used to lease close to 750 e-two-wheelers to the e-mobility startup to scale up its fleet to 2,000 e-bikes within 18 months.
Nikhil Aggarwal, Founder – CEO, Grip Invest said – “Savvy founders are understanding the importance of different forms of capital to meet the different requirements of their business. Especially for mobility businesses, leasing can be an incredible enabler for growth. This is the decade for EV adoption and we are excited to already be working with 15 companies such as Zypp to lease electric vehicles and charging infrastructure.”
Rashi Agarwal, Co-founder and Chief Business Officer, Zypp Electric said that several global mobility companies have successfully leveraged the equipment leasing model to scale their business operations and further become more agile by converting capex into opex.
Rashi added that the asset financing approach makes Zypp utilise the equity raised very efficiently. They were the first ones in the EV industry to start this almost three years back, Claimed Rashi Agarwal.
She said – “By leasing assets through Grip facilitated investments, we hope to further expand our operations and go deeper into 30 cities in the country while investing more in a seamless EV experience. Now we’re on a mission to go from 2000 to 100k EVs over the next few years.”
