Electric vehicle delivery app Zypp Electric Tuesday said it has raised $15 million (Rs 124.6 crore) as part of its Series C funding round, led by Japanese investor Eneos. The round also saw participation from existing investors, including 9unicorns, IAN fund, Venture Catalysts, and We Founder Circle.
The funding is part of its ongoing $50-million Series C round that is split into $40 million in equity and $10 million in debt, the firm said in a statement.
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.
“We aim to expand our fleet and improve our tech platform. These funds will be utilised to drive the company towards the path of growth along with EBITDA profitability,” said Akash Gupta, co-founder and chief executive officer, Zypp Electric.
Founded by Akash Gupta and Rashi Agarwal in 2017, Zypp Electric helps its clients deliver various goods such as groceries, medicines, food, and e-commerce packages through their fully automated IoT and AI-enabled scooters.
Zypp’s technology tracks batteries that can be replaced at Zypp swapping stations which are installed at key touchpoints.
The hyperlocal service provider offers last-mile deliveries on behalf of its slew of clients such as BigBasket, Zepto, Flipkart, Myntra, Zomato, Swiggy, Blinkit, Dunzo, Uber, Rapido, Jio Mart, PharmEasy, 1MG, Delhivery, and Bluedart, among others.
The startup registered a revenue of Rs 325 crore in FY23-24 and launched operations in Mumbai and Hyderabad recently.
In 2023, the startup raised $25 million in a Series B funding round led by Gogoro and saw participation from a clutch of investors including Goodyear Ventures, 9Unicorns, WFC, Venture Catalysts, LetsVenture, IAN, Ivygrowth, Grip with angel backers.
The startup, which raised $20 million in equity and $5 million in debt in the Series B round was valued at around Rs 1,300 crore.
