Zypp Electric raises $15 million to expand company's fleet, domestic operations
Zypp Electric fresh funding round was led by Japanese major ENEOS, along with participation from existing investors 9unicorns, IAN fund, venture catalysts, WFC & others.
![Zypp Electric raises $15 million to expand company's fleet, domestic operations](https://cdn.zeebiz.com/sites/default/files/2024/05/27/295848-zypp-site.jpg?im=FitAndFill=(1200,900))
Tech-enabled EV-as-a-service platform Zypp Electric said on Monday that it raised $15 million to expand the company's fleet from 21,000 to 2,00,000 electric scooters and domestic operations to 15 cities across the country by 2026.
The round was led by Japanese major ENEOS, along with participation from existing investors 9unicorns, IAN fund, venture catalysts, WFC & others.
"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," Akash Gupta, Co-founder and CEO of Zypp Electric, said in a statement.
According to the company, the Series C1 funding comprises "$15 million in equity closure as part of its ongoing $50 million round, which is split into $40 million equity and $10 million in debt".
"Zypp is operating its business as a pioneer in the EV motorcycle delivery market with competitiveness, and this is the reason why we decided to invest," said ENEOS.
In FY23-24, Zypp Electric registered a revenue of Rs 325 crore and recently launched operations in Mumbai and Hyderabad.
The company has done more than 50 million shipment deliveries via electric vehicles from January 2023 to March 2024.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
![https://www.zeebiz.com/markets/stocks/photo-gallery-this-tata-group-stock-turned-every-rs-10000-of-investment-into-rs-11300-in-just-a-week-investors-richer-by-42722-crore-rupees-any-guesses-share-market-news-304023](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307143-tradingpexels.jpg?itok=rw4R7EfH)
A Tata group stock just turned every Rs 10,000 of investment into Rs 11,300 in just a week, investors richer by Rs 42,722 crore; any guesses?
![https://www.zeebiz.com/markets/stocks/photo-gallery-large-cap-midcap-stocks-shares-to-buy-for-long-term-check-out-targets-nifty-sensex-303617](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/25/306716-stockks.jpg?itok=KJTrFUIK)
Stocks to buy for long term: Analysts suggest buying these 5 largecap, 4 midcap scrips; check out targets
![https://www.zeebiz.com/personal-finance/photo-gallery-nps-retirement-planning-budget-2024-nirmala-sitharaman-announcement-how-nps-rulebook-change-can-increase-corpus-income-and-monthly-pension-by-40-compound-return-303984](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307102-indian-currency-pixabay-take.jpg?itok=kN21EW-9)
How your NPS retirement corpus and monthly pension can jump by 40% after this rule change; get details
![https://www.zeebiz.com/personal-finance/photo-gallery-senior-citizen-savings-scheme-scss-2024-interest-rate-calculator-post-office-how-to-get-inr-rs-50000-interest-retirement-planning-guaranteed-return-maturity-amount-small-savings-303930](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307042-fd-interest-file.jpg?itok=45ZbBRWM)
How much investment do you need in this senior citizen scheme to get Rs 50,000 quarterly interest? Know here
01:27 PM IST