Zypp Electric raises USD 15M in series C1 round led by ENEOS • EVreporter

Zypp Electric, an Indian EV-as-a-service platform, has initiated its Series C funding round with USD 15 million. This round was led by Japanese company ENEOS. The Series C1 funding includes USD 15 million in equity as part of an ongoing USD 50 million round, which consists of USD 40 million in equity and USD 10 million in debt.

The equity funding saw participation from investors including ENEOS, as well as existing investors 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.

Akash Gupta, Co-founder & CEO of Zypp Electric, stated, “Securing USD 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 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. These funds will be utilised to drive the company towards the full path of growth along with EBITDA profitability.”

ENEOS commented, “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 reported a revenue of INR 325 crore in FY23-24 and recently launched operations in Mumbai and Hyderabad. The company has completed over 50 million deliveries via electric vehicles from January 2023 to March 2024, resulting in a significant reduction of carbon emissions. Zypp Electric has also expanded into the three-wheeler cargo business and will soon have over 1,000 electric L5 loaders in its fleet. Zypp’s partners include BigBasket, Zepto, Flipkart, Myntra, Zomato, Swiggy, Blinkit, Uber, Porter, Rapido, 1MG, Delhivery, and Blue Dart.

Also read: Zypp Electric raises USD 25M funding in series B round led by Gogoro