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Business

Zypp Electric raises $15 mn to expand company’s fleet, domestic operations

IANS | May 27, 2024 01:46 PM

NEW DELHI: Tech-enabled EV-as-a-service platform Zypp Electric said on Monday that it raised $15 million to expand the company's fleet from 21, 000 to 2, 00, 000 electric scooters and domestic operations to 15 cities across the country by 2026.

The round was led by Japanese major ENEOS, along with participation from existing investors 9unicorns, IAN fund, venture catalysts, WFC & others.

"Our commitment to reducing emissions and improving the lives of our driver partners and customers remains stronger than ever. These funds will be utilised to drive the company towards the full path of growth along with EBITDA profitability, " Akash Gupta, Co-founder and CEO of Zypp Electric, said in a statement.

According to the company, the Series C1 funding comprises "$15 million in equity closure as part of its ongoing $50 million round, which is split into $40 million equity and $10 million in debt".

"Zypp is operating its business as a pioneer in the EV motorcycle delivery market with competitiveness, and this is the reason why we decided to invest, " said ENEOS.

In FY23-24, Zypp Electric registered a revenue of Rs 325 crore and recently launched operations in Mumbai and Hyderabad.

The company has done more than 50 million shipment deliveries via electric vehicles from January 2023 to March 2024.

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