Akash Gupta, CEO and Co-Founder of Zypp Electric
Zypp Electric, an EV-as-a-service platform based in India, has raised US$15 million in its Series C round, led by Japanese firm ENEOS.
Existing investors 9unicorns, IAN fund, venture catalysts, and WFC also participated in the funding round.
The company’s goal is to secure US$50 million for the round, with US$40 million in equity and US$10 million in debt.
The fresh capital will drive Zypp’s growth in the last-mile delivery sector with sustainable EV solutions. It will fuel the expansion of Zypp’s fleet from 21,000 to 200,000 electric scooters and the scaling of its services to 15 cities across India by 2026.
As per some reports, Zypp Electric also plans to expand into Southeast Asia, with initial targets being Indonesia, Thailand, and the Philippines. The Middle East is also another target market for the firm.
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Founded in 2017 by Akash Gupta and Rashi Agarwal, Zypp aims to make India carbon-free by leveraging Electric Vehicles and EV-based technology for sustainable last-mile logistics. Their business model prioritizes carbon-free delivery services for local merchants, e-commerce giants, and delivery executives, reducing both delivery costs and pollution.
Gupta, also the company’s CEO, stated, “We are eager to expand our fleet and enhance our tech platform, driving significant growth across India. These funds will be utilised to drive the company towards the full path of growth along with earnings before interest, taxes, depreciation, and amortisation (EBITDA) profitability.”
As India’s last-mile delivery market is set to reach US$7 billion by the end of 2024, Zypp capitalises on this growth by offering delivery services for groceries, medicines, food, and e-commerce packages. Using fully automated IoT and AI-enabled scooters, the firm ensures efficient point-to-point delivery with low maintenance and high performance. Its clients include industry giants like Flipkart, Uber, and BigBasket.
According to Zypp, it completed over 50 million deliveries using its EVs between January 2023 and March 2024, resulting in the saving of 31 million kilograms of carbon emissions, while also recently launching operations in Mumbai and Hyderabad.
Zypp’s latest fundraise builds upon its US$25 million Series B round in 2023, led by EV major Gogoro.
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Image credit: Zypp Electric
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