Zypp Electric, an electric-vehicle-as-a-service platform, has raised $15 million to begin its Series C fundraising round, which was led by ENEOS, a significant Japanese player.
Akash Gupta, Co-founder & CEO of Zypp Electric, confirmed the funding in a press release seen by Newsng on Monday.
The Gurugram-based firm claims it serves gig workers and e-commerce businesses with its EV-as-a-service platform. It is currently present in key Indian cities like Delhi, Bengaluru, Mumbai, and Hyderabad.
The platform consists of an electric two-wheeler fleet as well as an app and companion software that offer data and analytics for fleet and delivery management.
According to the release, ENEOS participated in the round, consisting of US$40 million in equity and US$10 million in debt alongside current investors 9unicorns, IAN fund, venture catalysts, WFC, and others.
By 2026, the company said it will increase the number of electric scooters in its fleet to 200,000. By that year, it also hopes to expand its reach throughout India from eight cities to fifteen.
“There are different ways we are thinking and discussing that [Southeast Asia launch plan] with a few players. We’ll lay out that in the next two to three quarters,” Gupta said.
The Philippines, Thailand, and Indonesia are possible markets for Zypp Electric. The co-founder noted that all of these nations are heavy users of two-wheelers and that Indonesia will be the first market to enter.
Gupta explained that the fund would be geared towards sustaining profit in the business amid competition.
“We are eager to expand our fleet and enhance our tech platform, driving significant growth across India… These funds will be utilised to drive the company towards the full path of growth along with EBITDA profitability,” he added.
We earlier reported that Axmed, a B2B marketplace platform with headquarters in Switzerland, has secured a $2 million initial investment round to expedite the cost, accessibility, and delivery of innovative and necessary medications to low- and middle-income countries (LMICs).
