Gogoro electrifies Indian EV platform’s $25m round

Photo credit: Zypp Electric

Gogoro, a battery-swapping player listed on the Nasdaq, led the US$25 million series B round of Zypp Electric, an India-based startup focused on electric vehicle services.

Goodyear Ventures, 9Unicorns, WFC, and Venture Catalysts also participated in the round, along with other new and existing investors. The fundraise comprised a mix of equity and debt.

Founded in 2017 by Akash Gupta, Rashi Agarwal, and Tushar Mehta, Zypp Electric partners with original equipment manufacturers such as Hero Electric and Kinetic to lease vehicles.

These e-scooters are then deployed to the startup’s ecommerce, delivery, and ride-sharing partners such as BigBasket, Zepto, Flipkart, Myntra, Zomato, and Swiggy. Zypp Electric said that its clients have completed 15 million deliveries using the firm’s EVs.

The company also works closely with gig workers to let them rent EVs at a minimal rate.

Zypp Electric will use the funds to expand its fleet from 10,000 to 200,000 and widen its footprint to 30 Indian cities by December 2025. The startup will also invest in building IoT- and AI-enabled EV fleet management tech as well as in making new hires.

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