Zypp Electric Raises $15Mn Investment From ENEOS

Zypp Electric Raises $15Mn Investment From ENEOS

Zypp Electric, an Indian-based tech-enabled EV-as-a-service platform, has kicked-off its Series C funding round, raising $15 million.

This round was led by Japanese major ENEOS, comprised of Series C1 funding of $15 million in equity closure as part of its ongoing $50m round, which splits into $40m equity and $10m in debt. The equity funding saw participation from existing investors 9unicorns, IAN fund, venture catalysts, WFC & others. The Series C funds are expected to be utilized 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 and CEO of Zypp Electric stated, “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 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 utilized to drive the company towards the full path growth along with EBITDA profitability.”

ENEOS commented, “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 made the decision to invest.”

Zypp Electric registered a revenue of Rs. 325CR in FY23-24 and launched operations in Mumbai and Hyderabad recently. Zypp Electric claims to have done 50 million+ shipment deliveries via electric vehicles from Jan’23 to Mar’24 period. 

Zypp Electric has forayed into the three-wheeler cargo business and will soon cross 1000 electric L5 loaders in its EV fleet. Zypp claims BigBasket, Zepto, Flipkart, Myntra, Zomato, Swiggy, Blinkit, Uber, Porter, Rapido, 1MG, Delhivery, and Blue Dart as key partners.