Zypp Electric declared that their $15 million Series C investment round has successfully kicked off to majorly focus on the production of Electric Scooters fleet. Japan’s ENEOS was leading this round. As part of its continuing $50 million round, which is divided between $40 million in stock and $10 million in debt, the Series C1 fundraising includes $15 million in equity close.
Renowned investors, such as ENEOS, joined the equity investment with current investors, such as 9unicorns, IAN fund, venture catalysts, WFC, and others.
By 2026, Zypp plans to use the Series C investment to increase the number of electric scooters in its fleet from 21,000 to 200k and offer its services in 15 cities around India.
Akash Gupta, Co-founder & 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 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 has opened offices in Hyderabad and Mumbai and reported INR 325CR in revenue for FY23–24.
Between January 23 and March 24, Zypp Electric delivered over 50 million shipments using electric cars, which is the equivalent of planting 76 lakh trees on Earth. Since the firm began operations, 31 million kg of carbon emissions have been significantly reduced as a result of its ecologically friendly measures.
Zypp Electric has entered the three-wheeler transport market and plans to have over 1000 electric L5 loaders in its fleet of electric vehicles soon.
