To deploy 200,000 electric scooters & expand its footprint to 30 cities. The round is a mix of $20Mn n equity and $5Mn in debt.
08 Feb 2023 | 3713 Views | By Autocar Professional Bureau
Zypp Electric, leading EV-as-a-service platform on Wednesday announced it is raising series B funding of $25Mn led by Gogoro, a battery swapping expert.
The funding round also witnessed participation from new and existing investors like Goodyear Ventures, 9 Unicorns, WFC, Venture, Catalysts, LetsVenture, IAN, Ivy Growth and Grip.
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Zypp Electric, leading EV-as-a-service platform on Wednesday announced it is raising series B funding of $25Mn led by Gogoro, a battery swapping expert.
The funding round also witnessed participation from new and existing investors like Goodyear Ventures, 9 Unicorns, WFC, Venture, Catalysts, LetsVenture, IAN, Ivy Growth and Grip.
The round is a mix of equity and debt funding, with the $20Mn equity round and $5Mn debt for fleet expansion from global impact fund IIX along with a large national bank participating the same, said the company in a statement.
With the fresh funding, Zypp has now raised $37.5Mn ($30Mn in equity and $7.5Mn in debt or asset leasing) in total, claimed the company.
Zypp will utilize the funds across its operations as it looks to expand its fleet from 10,000 to 200,000 (2 Lakhs) electric scooters and widen its footprint to 30Indian cities by December 2025.
With the funding, Zypp will work on further improving its driver experience, expanding its EV hub infrastructure with Gogoro battery swapping, building sharp IOT & AI enabled EV Fleet management technology, and growing its operations team by hiring across technology and top-level positions. Overall funding will be spent mainly in team and technology and rest in growth and expansion across multiple markets & use cases.
Speaking about the fundraise, Akash Gupta, Co-founder & CEO, Zypp Electric said, the company closing Series B in the current funding environment marks a validation of its team’s hard work. We’re excited to partner with Gogoro as its partner of growth as our Tech EV ecosystem becomes complete with their amazing battery swapping & EV offerings for the Indian market. This funding round bolsters our confidence, team & technology efforts to expand at scale across many cities of India and then the world. Also, this is good for the entire EV industry where large pools of global capital have now started pouring in.
Zypp Electric is on its Mission Zero Emission in the last-mile delivery area by enabling major e-commerce, food, grocery delivery, and ride-sharing giants to go electric.
In 5 years of its inception, Zypp has become the go-to largest EV partner for enabling EV-as-a-Service in the last mile.
It now has 10,000 Zypp-affiliated gig workers via its EV Full Stack Tech Enabled Fleet Management solution. It has completed 15 million deliveries on electric vehicles for its large pool of top eCommerce partners while saving around 33Mn KG Co2 till now. BigBasket, Zepto, Flipkart, Myntra, Zomato, Swiggy, Blinkit, Dunzo, Uber, Rapido, Jio Mart, PharmEasy, 1MG, Delhivery, Bluedart and many more, are a few key partners of Zypp, claimed the company.
Commenting on the fund infusion, Horace Luke, Founder & CEO, Gogoro said, & Zypp Electric has taken a key leadership position in the sustainable transformation of India’s fleet and last mile delivery industry but the opportunity is immense and with this new funding it will be able to expand its capabilities and market impact.
In November 2022, Gogoro and Zypp announced a strategic B2B partnership to accelerate the transition to electric fleets and last mile deliveries in India. Under the pilot project, Zypp and Gogoro are deploying 100 battery-swapping-enabled electric scooters in Delhi-NCR and 6 battery-swapping stations at Zypp hubs.