Zypp Electric Raises $14 Million in Series C

by Kay Aloha Villamor in May 28th, 2024

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.  


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   

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