Zypp Electric, India’s leading EV-as-a-service platform, has successfully launched its Series C funding round, raising $15 million. This round was spearheaded by Japanese major ENEOS. The Series C1 funding includes $15 million in equity, part of an ongoing $50 million round divided into $40 million in equity and $10 million in debt.
The equity funding saw participation from prominent investors, including ENEOS and existing backers such as 9unicorns, IAN Fund, Venture Catalysts, WFC, and others.
The Series C funds will be used to expand Zypp’s 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,” said Akash Gupta, Co-founder and CEO of Zypp Electric. “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. Our commitment to reducing emissions and improving the lives of our driver partners and customers remains stronger than ever.”
ENEOS commented on the investment, stating, “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 decided to invest.”
Zypp Electric registered a revenue of INR 325 crore in FY23-24 and recently launched operations in Mumbai and Hyderabad. From January 2023 to March 2024, Zypp Electric completed over 50 million deliveries via electric vehicles, which equates to planting 7.6 million trees. The company’s initiatives have led to a significant reduction of 31 million kilograms of carbon emissions since its inception.
Expanding into the three-wheeler cargo business, Zypp Electric is set to surpass 1,000 electric L5 loaders in its fleet. This move allows Zypp to cater to a wider range of business needs while maximizing revenue streams and branding options on the E3W vehicles. Zypp’s key partners include BigBasket, Zepto, Flipkart, Myntra, Zomato, Swiggy, Blinkit, Uber, Porter, Rapido, 1MG, Delhivery, and Blue Dart
