Zypp Electric, an India-based tech-enabled electric vehicle (EV) as-a-service platform, has INR 116 crore (USD 14 million) in Series C funding.
Investors
The round was led by ENEOS, a petroleum company based in Tokyo, Japan. The firm provides petroleum products and services and energy solutions throughout the world.
Notable investors 9 Unicorns, IAN Fund, Venture Catalysts, and WFC, also participated in the round.
Zypp Electric Use of Funds
The company will use the fresh funds to expand its operations. The company plans to increase its fleet from 21,000 to 200,000 electric scooters and extend its service coverage to 15 cities across India by 2026.
About Zypp
Founded in 2017 by Akash Gupta, Rashi Agarwal, and Tushar Mehta, Zypp Electric provides electric scooters to local merchants and e-commerce companies for last-mile deliveries. Their scooters are equipped with IoT and AI technology, enabling automated operations. Zypp Electric's service portfolio includes delivering groceries, medicines, food, and e-commerce packages. Zypp Electric's partners include prominent names such as BigBasket, Zepto, Flipkart, Myntra, Zomato, Swiggy, Blinkit, Uber, Porter, Rapido, 1MG, Delhivery, and Blue Dart.
Funding Details
Company: Zypp Electric
Raised: $14.0M
Round: Series C
Funding Month: May 2024
Lead Investors: ENEOS
Additional Investors: 9 Unicorns, IAN Fund, Venture Catalysts, WFC
Company Website: https://zypp.app/
Software Category: Fleet and Delivery Management
Source: https://www.entrepreneur.com/en-in/news-and-trends/zypp-electric-raises-usd-15-mn-in-series-c-led-by-eneos/474712