Zypp Electric Secures $15 Million in Series C Funding Round Led by ENEOS

Zypp Electric Secures $15 Million in Series C Funding Round Led by ENEOS

In the fiscal year 2023-2024, Zypp Electric reported a revenue of INR 325 crore and expanded its operations to Mumbai and Hyderabad.

Suvasit ShrivastavaUpdated: Monday, May 27, 2024, 03:35 PM IST
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Zypp Electric |

Zypp Electric, an electric vehicle (EV) manufacturer, has successfully raised $15 million in its ongoing Series C funding round, with Japanese energy solutions leader ENEOS Corporation taking the helm as the lead investor. Joining ENEOS are existing backers 9unicorns, IAN fund, and Venture Catalysts, who also participated in this round. This significant investment underscores growing confidence in Zypp Electric's vision and products, highlighting its potential in the rapidly expanding EV market.

Zypp Electric, catering to major e-commerce and food and grocery delivery giants like Swiggy, Zomato, Amazon, Delhivery, and PharmEasy, has established its presence in key metropolitan areas. Operating primarily in the National Capital Region (NCR), encompassing Delhi, as well as in Mumbai, Hyderabad, and Bengaluru, Zypp has positioned itself as a vital player in the electric vehicle (EV) space.

Akash Gupta, Co-founder & CEO of Zypp Electric, stated, “Securing $15 million in Series C1 funding is a pivotal moment & strong validation amid the current funding environment for Zypp Electric. This investment propels our mission to revolutionize last mile delivery with sustainable EV solutions. We are eager to expand our fleet and enhance our tech platform, driving significant growth across India. Our commitment to reducing emissions and improving the lives of our driver partners and customers remains stronger than ever. These funds will be utilised to drive the company towards the full path of growth along with EBITDA profitability.”

ENEOS commented, “In India, last-mile delivery market is skyrocketing especially within urban areas. Zypp is operating its business as a pioneer in the EV motorcycle delivery market with competitiveness and this is the reason why we made the decision to invest.”

In the fiscal year 2023-2024, Zypp Electric reported a revenue of INR 325 crore and expanded its operations to Mumbai and Hyderabad. During the period from January 2023 to March 2024, Zypp Electric successfully completed over 50 million shipment deliveries using electric vehicles, equivalent to the positive environmental impact of planting 76 lakh trees. Through its environmentally conscious efforts, the company has notably reduced carbon emissions by 31 million kilograms since its inception.

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