News, 15 January 2025
16 investors are contributing Rs 55.4 crore ($6.5 million) to Zypp Electric, a B2B delivery and shared mobility firm that appears to be a part of the company’s ongoing Series C investment round.
According to Zypp Electric’s regulatory filing obtained from the Registrar of Companies, the board has approved a special resolution to issue 564 Series C2 CCPS at an issue price of Rs 9,83,005 apiece in order to raise Rs 55.4 crore.
The investment will involve a total of ten investors, including Ajay Kumar Aggarwal, Samir Goenka, Narinder Bajaj, Kapil Kriplani, Vega Industries, Gagan Khanna, Supersonic Carrier, and Nirmal K. Bathwal.
The business estimates that its Series C fundraising might bring in as much as $50 million. Zypp launched the current financing last May with a $15 million tranche lead by ENEOS. The company was backed by the IAN Fund, Anthill Ventures, Eiman Abdullah Mahfood Al Qatar, 9 Unicorns (now 100 Unicorns), and other investors.
Zypp Electric, an EV-as-a-service platform that was founded in 2017 by Akash Gupta and Rashi Agrawal, provides gig workers with electric vehicle rentals and delivery services via its fleet of e-scooters. According to the corporation, its fleet currently consists of over 22,000 vehicles, with 15,000 located in Delhi NCR, 4,000 in Bengaluru, and 1,200 in Mumbai.
During the fiscal year that ended in March 2024, Zypp Electric’s operational sales surpassed Rs 290 crore, indicating a notable 2.6X gain. But because of its quest for growth, the company’s losses grew by 2.2X to Rs 91 crore in the same time frame.
About Zypp Electric
Zypp Electric is an Indian electric mobility company focused on promoting sustainable and environmentally friendly transportation solutions. Established with a vision to reduce carbon emissions and combat air pollution, Zypp Electric primarily provides electric last-mile delivery services.
The company operates a fleet of electric two-wheelers, catering to businesses that require efficient and eco-friendly logistics solutions. Zypp Electric’s services are aimed at various sectors, including food delivery, e-commerce, and retail, helping clients lower their logistics costs while aligning with sustainability goals.
In addition to its delivery services, Zypp Electric emphasizes building a network of charging infrastructure to facilitate the widespread adoption of electric vehicles in urban areas. As part of India’s push towards cleaner transportation, Zypp Electric plays a significant role in the growing electric vehicle ecosystem in the country.
