B2B delivery and shared mobility startup, Zypp Electric has raised $25 million in a Series B round led by Taiwan-based battery-swapping platform Gogoro. This is the first funding round for the Gurgaon-based company in 2023.
The fundraise is a mix of $20 million equity and $5 million of debt funding. The round also saw participation from Goodyear Ventures, 9Unicorns, WFC, LetsVenture, IAN, Ivy Growth, Grip et al, it added in the press release.
Zypp will use the funds to increase its fleet size from 10,000 to 2,00,000 electric vehicles and expand its presence to 30 cities over the next three years. The proceeds will also go towards improving driver experience, infrastructure, fleet management and increasing workforce.
Zypp Electric has raised a total $37.5 million ($30 million equity and $7.5 million debt) to date including a $7 million worth Series A round co-led by 9Unicorns and Anthill Ventures in September 2021.
Founded in 2017, Zypp Electric is an EV-as-a-Service platform which leverages the ecosystem of electric vehicles and EV-based technology to make last-mile logistics sustainable and carbon-free.
Over 10,000 gig workers with Zomato, Swiggy, Flipkart, Myntra, Zepto, Blinkit, Dunzo, BigBasket, Uber, Rapido, PharmEasy, 1MG, Delhivery, and Jio Mart use its ecosystem. The firm claims to power 15 million deliveries on electric vehicles while saving around 33 million KG Co2 till now.
In November 2022, Gogoro and Zypp announced a strategic B2B partnership to accelerate the last mile deliveries in India. Under the pilot program, Zypp and Gogoro are deploying 100 battery-swapping-enabled electric scooters in Delhi-NCR along with 6 battery-swapping stations at Zypp hubs.
During FY22, Zypp’s revenue from operations shot up 4.5X to Rs 21.5 crore as compared to Rs 4.76 crore in FY21. It primarily generates revenue from delivery services along with renting of vehicles and sale of products. As per the annual financial statement with the RoC, its losses also surged 2.2X to Rs 15.3 crore in FY22 against Rs 6.81 crore in the preceding fiscal year.