Advertisment

Zypp Electric Raises $6.5M in Series C to Expand EV Fleet & Logistics

Electric vehicles logistics firm friends with the ability to fund it through the $6 ·5 million Series C round of funding. Read below to know more details.

author-image
Manisha Sharma
New Update
Zypp Electric

Zypp Electric Photograph: (Zypp Electric )

Zypp Electric has secured $6.5M Series C funding for full-scale electrification of the last mile transport and its diverse services, which is already growing at a fast pace across the major cities in India. In the latest financing effort to fuel its growth strategy, Gurugram-headquartered B2B delivery and shared mobility company Zypp Electric has secured $6.5 Mn (around INR 55.4 Cr) from 16 investors in the ongoing Series C round.

Advertisment

The development is a major step for the company especially because it has been making its mark in the electric vehicles market. Details of the Fundraising Zypp Electric’s lately a special resolution sanctioned by its board of directors for issuing, 564 Series C2 Compulsorily Convertible Preference Shares (CCPS) @ Rs 9,83,005 each. Official documents available through the Registrar of Companies buttress details of this form of fundraising.

The major investors in this round inclusive of Hinditron Industries, Deepak Seth, Ajay Kumar Aggarwal, Samir Goenka & Narinder Bajaj, Kapil Kriplani, Vega Industries, Supersonic Carrier, Nirmal K Bathwal etc have invested as a part of the total investment in Angel’s funding. It is important also to have the Company Valuation and Future Plans. According to Entrackr calculations, Zypp Electric is said to be valued at about $335-350 million; this value may change as it continues with its Series C fundraiser that may reach $50m.

Importantly, funding started in May of the 2024 with the initial $15 million cut from ENEOS – the Japanese energy company. Other notable investors include IAN Fund, 9 Unicorns which has currently rebranded to 100 Unicorns, Anthill and Eiman Abdullah Mahfood Al Qatar.

Advertisment

A Growing Electric Vehicle Subscription Services Company This is an emerging EV-as-a-service company established in 2017 by Akash Gupta and Rashi Agrawal. The firm provided EV shares and delivery services via its vast e-scooter network, which targets gig workers for uptake. 

The currently, active fleets are about twenty-two thousand; the market share of Delhi NCR, accounts for fifteen thousand, Bengaluru- four thousand, Mumbai- one thousand two hundred. The company’s strategic financial performance and growth The domestic electric vehicle player claimed that its topline operating revenue in the fiscal year ended March 2024 was Rs 290 crore, which 2.6X of the corresponding previous year. But to achieve scale, the risks have grown with losses soaring 2.2X of Rs 91 crore during the period.

Nevertheless, the company has its goal set on the future diversification and development of existing services to correspond to a constantly increasing flow of customers. 

Advertisment

Looking Ahead With more players coming into the EV space, it is quite apparent that manufacturers with unique business strategies and consistent growth paths are well-positioned to disrupt the market. While continuing its series C fund, the company wants to strengthen its position on market and increase its fleet while proving that mobility can be both sustainable and efficient. Keep it locked for more updates on the journey of Zypp Electric and what these progressions mean to the EV sphere.

Also Read:

Dunzo’s app and website down as employee exits worsen

Swiggy Instamart Expands to 75+ Cities, Plans Standalone App Launch

Best Android Apps to Transform Your Devices

Perplexity Pro Offers Free Month to Canadians Post Trudeau Resignation