Zypp In Talks To Raise Additional $35 Mn As Part Of Ongoing Funding Round

Electric mobility startup Zypp Electric plans to raise an additional $35 Mn (INR 300 Cr) in funding from multiple investors, people aware of the matter told Inc42. 

Of this, the startup has already pocketed $10 Mn from Nuvama Private Wealth. While a US-based venture capital (VC) firm will infuse another $10 Mn, the remaining $15 Mn will come from a Southeast Asia-based fund and other investors. 

Last year in May, Zypp Electric bagged INR 115.7 Cr ($15 Mn) from Japanese energy giant ENEOS. 

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

To date, the startup has secured $55.5 Mn in funding and counts the likes of Indian Angel Network, Venture Catalysts, 100Unicorns, Gogoro, among others as its investors. 

Intending to strengthen the company’s leadership team and accelerate its initial public offering (IPO) plans, Zypp Electric last month appointed former SoftBank India head and Bharti Airtel veteran Manoj Kohli as its senior advisor

On the financial front, Delhi NCR-based EV two-wheeler startup’s operating revenue surged 168% to INR 292.7 Cr in the financial year 2023-24 (FY24), up from INR 109.1 Cr in the previous fiscal year. Despite the increase in its top line, the startup’s net loss surged 125% to INR 91.1 Cr in the fiscal under review from INR 40 Cr in FY23.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.