Zypp Electric Secures $15M Series C Funding Led by ENEOS
Zypp Electric, a leading tech-enabled EV-as-a-service platform, has successfully raised USD 15 million in a Series C funding round led by the Japanese company ENEOS.
This funding round included participation from existing investors such as 9 unicorns, IAN Fund, Venture Catalysts, WFC, and others. The USD 15 million equity closure is part of an ongoing USD 50 million round, which is divided into USD 40 million equity and USD 10 million debt. The funds will be utilized to expand Zypp’s fleet from 21,000 to 200,000 electric scooters and extend its services to 15 cities across India by 2026.
Akash Gupta, co-founder and CEO of Zypp Electric, emphasized that securing this funding is a pivotal moment for the company and a strong validation amid the current funding environment. This investment will propel Zypp’s mission to revolutionize last-mile delivery with sustainable EV solutions. The funds will help enhance their tech platform, drive significant growth across India, and move towards EBITDA profitability.
Zypp Electric has already made notable strides in the market, registering a revenue of INR 325 crore in FY23-24 and launching operations in Mumbai and Hyderabad. The company has completed over 50 million shipment deliveries via electric vehicles between January 2023 and March 2024. Additionally, Zypp is entering the three-wheeler cargo business, planning to incorporate over 1000 electric L5 loaders in its fleet, thereby catering to a broader range of business needs and maximizing revenue streams, including advertising opportunities on E3W vehicles.
The company has formed key partnerships with major players such as BigBasket, Zepto, Flipkart, Myntra, Zomato, Swiggy, Blinkit, Uber, Porter, Rapido, 1MG, Delhivery, and Blue Dart.
ENEOS, the leading investor in this round, recognized Zypp’s competitiveness and pioneering role in the EV motorcycle delivery market, particularly in the rapidly growing last-mile delivery sector in urban India. This strategic investment by ENEOS underscores its commitment to supporting innovative and sustainable transportation solutions.
Overall, Zypp Electric’s successful USD 15 million Series C funding round, led by ENEOS, will significantly bolster its fleet and service expansion, reinforcing its mission to provide sustainable last-mile delivery solutions across India.