Zypp Electric, an Indian startup that offers Electric vehicles as a service platform raises $25 Mn in a series B round. This round of funding was led by Gogoro. Gogoro is a Taiwan-based battery-swapping company.
Zypp Electric raises these funds as a mix of both equity and debt. This equity funding round saw participation from multiple investors which includes Goodyear Ventures, 9Unicorns, WFC, Venture Catalysts, Lets Venture, and others. Furthermore, this funding round of $20 Mn also saw participation from IAN and IVY Growth.
Along with equity, the startup also received funds in form of debt. This debt investment of $5 Mn was infused by the global impact fund IIX. Additionally, the funds were also provided by a large national bank.
The startup plans to utilize the funds to expand its inventory of 10,000 bikes to 2,00,000 bikes. Furthermore, it also aims to widen its presence in 30 cities by 2025. Zypp Electric will also use the funds to enhance the driver experience. Additionally, the infused funds will benefit the company in hiring top-level positions and growing its operations.
Zypp Electric’s Background
Zypp Electric is an electric vehicle as a service platform that enables operations for gigs, merchants and other delivery platforms. It reduces charges and also pollution. This Gurugram-based startup was set up in 2017 by Akash Gupta and Rashi Agarwal.
The company claims of delivering 15 Million electric vehicles for many e-commerce giants. Zypp Electric has delivered its products to big basket, Zepto, Flipkart, Myntra, Swiggy and Zomato etc. Additionally, Jiomart and PharmEasy are also their users.
This funding round of $25 Mn is not the first round of funding. Before this $25 Mn, Zypp electric raised $7 Mn in a series A round led by 9Unicorns and Anthill Ventures. Furthermore, with the addition of $25Mn, the total funding now stands at $ 37.5 Mn.
Certainly, Zypp Electric has grown in the market. Earlier this month, the startup launched ZyppDash to simplify management.
Featured Image Credit: ElectricVehicles.in
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