Zypp Electric starts Series C with $15mn, led by ENEOS

Zypp Electric, India's leading tech-enabled EV-as-a-service platform, announced the start of its Series C funding round, raising $15 million.

The round was led by Japanese major ENEOS. The Series C1 funding includes $15 million in equity as part of its on-going $50 million round, which is split into $40 million equity and $10 million debt, says an official release from Zypp.

The funding also saw participation from existing investors including 9unicorns, IAN fund, venture catalysts, WFC & others. "The Series C funds will be utilised to expand Zypp’s fleet from 21,000 to 200k electric scooters and extend its services to 15 cities across India by 2026."

Akash Gupta, Co-Founder & CEO, Zypp Electric says: “Securing $15 million in Series C1 funding is a pivotal moment & strong validation amid the current funding environment for Zypp Electric. This investment propels our mission to revolutionise 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. These funds will be utilised to drive the company towards the full path of growth along with EBITDA profitability.”

An ENEOS spokesperson adds: “In India, 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.”

Zypp Electric registered a revenue of Rs 325 crore in FY 2023-24 and launched operations in Mumbai and Hyderabad recently, the release added. "Zypp Electric has done 50 million+ shipment deliveries via electric vehicles from January 2023 to March 2024, which equates to growing 76 lakh trees on the earth. The environmentally friendly initiatives have led to a reduction of 31 million kilograms of carbon emissions since the start of its operations."

Zypp Electric has forayed into the three-wheeler cargo business and will soon cross 1,000 electric L5 loaders in its EV fleet, the release added.