Zypp Electric raises $15M to expand EV operations across 15 Indian cities.
Zypp Electric, a leading EV-as-a-service platform in India, has successfully launched its Series C funding round, raising $15 million, led by Japanese energy giant ENEOS.
The Series C1 funding round includes $15 million in equity, part of an ongoing $50 million round, which is divided into $40 million in equity and $10 million in debt. This funding saw participation from notable investors such as ENEOS, 9unicorns, IAN Fund, Venture Catalysts, WFC, and others.
The newly acquired funds will be allocated to expanding Zypp’s fleet from 21,000 to 200,000 electric scooters and extending its operations to 15 cities across India by 2026. Zypp recently reported a revenue of INR 325 crore for FY23-24 and achieved operational profitability, further cementing its market position. The company has also commenced operations in Mumbai and Hyderabad, with a fleet comprising 21,000 two-wheelers and approximately 800 three-wheelers.
Akash Gupta, Co-founder & CEO of Zypp Electric, remarked, “Securing $15 million in Series C1 funding is a pivotal moment and a strong validation amid the current funding environment for Zypp Electric. This investment propels our mission to revolutionise last-mile delivery with sustainable EV solutions.”
