Samreen Ahmad · · 2 min readIndia’s Zypp Electric nets $15m to expand EV fleet
Photo credit: Zypp Electric
India-based Zypp Electric has secured US$15 million for its series C round from a clutch of investors led by Japan’s Eneos.
The electric-vehicle-as-a-service provider aims to raise US$50 million in total for the round, consisting of US$40 million in equity and US$10 million in debt.
Founded in 2017 by Akash Gupta and Rashi Agarwal, Zypp aims to make last-mile delivery sustainable and emission-free through its fleet of 21,000 electric scooters.
With the rapid growth of ecommerce and quick commerce, India’s last-mile delivery market is projected to hit US$7 billion by the end of 2024. Zypp taps into this market by providing delivery services for groceries, medicines, food, and ecommerce packages. Its clients include the likes of Flipkart, Uber, and BigBasket.
According to Zypp, it made over 50 million deliveries using its EVs between January 2023 and March 2024 – saving 31 million kilograms of carbon emissions in the process.
The company plans to use the funds to boost its electric scooter fleet to 200,000 by 2026. It also aims to increase its presence across India from eight cities to 15 by that year.
Recently, the startup joined the cargo three-wheeler market, aiming to add over 1,000 electric loaders to its fleet.
This fundraise follows Zypp’s US$25 million series B round in 2023, which was led by EV major Gogoro.
See also: Bringing electric motorbikes to Southeast Asia’s masses
Editing by Miguel Cordon and Lorenzo Kyle Subido
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