Exclusive: Zypp Electric Bags $14 Mn From Energy Giant ENEOS

SUMMARY

Zypp Electric is also ENEOS’ first investment in an Indian startup

The capital infusion seems to be a part of the startup’s larger Series C funding round

As per Inc42’s estimates, the startup is raising fresh funding at a valuation of around $280 Mn

Delhi NCR-based EV fleet management startup Zypp Electric has raised INR 115.7 Cr or $14 Mn in a fresh round of investment from Japanese energy giant ENEOS. As per the regulatory filings, the startup is receiving the investment from ENEOS Oil & Energy Pte Ltd, a subsidiary of the group.

This is also ENEOS’ first investment in an Indian startup.

As per the document, the startup is raising the fresh capital by allotting 1,372 Series C compulsory convertible preference shares to ENEOS. This capital infusion seems to be part of a larger Series C round being raised by Zypp, as per sources.

As per Inc42’s estimates, the startup is raising fresh funding at a valuation of around $280 Mn, almost double the $175 Mn valuation of its previous funding round.

A query mail sent to Zypp Electric yesterday, didn’t elicit any response at the time of publishing the story.

Earlier, Economic Times reported that the startup is raising around $40 Mn in Series C funding, which will be led by Silicon Valley-based Tribe Capital.

Founded in 2017 by Akash Gupta and Rashi Agarwal, Zypp Electric provides electric scooters to local merchants and ecommerce companies for last-mile deliveries. The startup counts the likes of Swiggy, Zepto, Flipkart, Rapido, Blinkit, Zomato, Uber, and Amazon among its clients.

The startup claims to have an electric fleet of over 20,000 EV scooters and is operational in Delhi NCR, Bengaluru, and has also forayed into Hyderabad and Mumbai.

To further solidify its presence, last year, Zypp Electric forayed into three wheeler cargo business and now claims to have over 750 three wheeler EVs.

In FY23, on a standalone basis, the startup’s revenue from operations jumped by 5X to INR 109 Cr, from INR 21.4 Cr in the previous year. However, the startup’s net loss surged by 2X to INR 40.5 Cr in FY23, from INR 15.2 Cr.

Zypp Electric claims to have seen a 3X jump in revenue in the financial year ending on March 31, 2024 (FY24), but the company has not disclosed the audited financials. .

Till date, the startup has raised around $75 Mn in multiple funding rounds and counts Gogoro, Venture Catalysts, LetsVenture, IAN, Ivy Growth, We Founder Circle, among others its backers.

In February of last year, the startup had last bagged $25 Mn in a mix of debt and equity in its Series B funding.

Zypp competes against the likes of MoEving, Baaz Bikes, Yulu, Zen Mobility, Euler Motors, among others.

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