Zypp Electric Raises $15 Million Led By Japan's Eneos

EV-as-a-service platform Zypp Electric has raised the first tranche of its third major funding round, led by Japanese energy major Eneos Corp.

The Gurugram-based company has secured $15 million, or Rs 125 crore, from Eneos and existing investors, including 9unicorns, IAN fund, venture catalysts, WFC, and others. This is a pure equity transaction and is part of its ongoing $50 million round, which includes $40 million in equity and $10 million in debt.

"The Series C funds will be utilised to expand Zypp’s fleet from 21,000 to 2 lakh electric scooters and extend its services to 15 cities across India by 2026," the company said in a statement.

"In India, the 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," an Eneos spokesperson said.

In FY24, Zypp Electric generated Rs 325 crore in revenue and recently launched operations in Mumbai and Hyderabad. The company provides EVs as a service to major players such as Zomato, Swiggy, BigBasket, Zepto, Flipkart, Myntra, Blinkit, Uber, Rapido, and Delhivery, among others.