Zypp Electric secures $14 Mn from ENEOS

B2B delivery and shared mobility startup Zypp Electric has secured Rs 116 crore ($14 million) in its Series C round from Japan-based petroleum firm, ENEOS Oil & Energy Asia. This is the first round of investment for the Gurugram-based company this year.

The board at Zypp Electric has filed a special resolution to allot 1,372 Series C CCPS at an issue price of Rs 8,43,750 each to raise Rs 116 crore or $14 million, its regulatory filing accessed from the Registrar of Companies shows.

Zypp Electric was in talks to raise $40 million in its new round at a $350 million valuation led by Tribe Capital. This suggests that the company is likely to raise more money in the near future.

The development was first reported by Inc42.

As per TheKredible’s estimates, the company is valued at around Rs 2,253 crore or $271 million post-money.

Founded in 2017, Zypp Electric is an EV-as-a-service platform that provides electric vehicle renting services along with delivery services through its e-scooters across the country. The firm claims to power 15 million deliveries on electric vehicles while saving around 33 million KG of CO2.

Zypp Electric has raised around $80 million to date including a $25 million Series B round led by Taiwan-based battery-swapping platform Gogoro in February last year. The company was backed by IAN Fund, 9 Unicorns (now 100 Unicorns), Anthill Ventures, Eiman Abdullah Mahfood Al Qatar, and others.

Months after the Series B round, Zypp Electric also announced its first Employee Stock Ownership Plan (ESOP) buyback for 15 employees.

Zypp’s revenue from operations surged 5X to Rs 112 crore in FY23 while the losses of the company stood at Rs 40.5 crore in the same period. As per Zypp Electric, recorded a revenue of Rs 325 crore in FY24 and claimed that it was operationally profitable in the fiscal year. The company is yet to file its audited annual results for FY24.