Tech-enabled EV-as-a-service platform Zypp Electric announced on Monday that it has raised $15 million in a Series C1 funding round. The capital infusion aims to expand the company’s fleet from 21,000 to 200,000 electric scooters and extend its domestic operations to 15 cities across India by 2026.
The funding round was led by Japanese conglomerate ENEOS, with participation from existing investors including 9unicorns, IAN Fund, Venture Catalysts, and WFC. Akash Gupta, Co-founder and CEO of Zypp Electric, emphasised the company’s dedication to reducing emissions and enhancing the lives of driver partners and customers. “These funds will be utilised to drive the company towards the full path of growth along with EBITDA profitability,” Gupta stated.
The Series C1 funding consists of $15 million in equity closure, part of an ongoing $50 million round, which is divided into $40 million equity and $10 million in debt. ENEOS expressed confidence in their investment, citing Zypp’s pioneering role and competitiveness in the EV motorcycle delivery market.
In the fiscal year 2023-2024, Zypp Electric reported a revenue of Rs 325 crore and recently commenced operations in Mumbai and Hyderabad. From January 2023 to March 2024, the company completed over 50 million shipment deliveries via electric vehicles, showcasing its significant impact and growth in the EV sector.
This substantial investment marks a pivotal moment for Zypp Electric as it gears up to scale its operations and solidify its position as a leader in the electric vehicle delivery market. The funds will enable the company to not only expand its fleet but also enhance its infrastructure and service capabilities, driving towards a greener and more efficient future.
