Zypp Electric announces successful kick-off of its Series C funding round raising $15 million led by Japanese energy giant ENEOS. With this new influx of capital, Zypp Electric plans to significantly expand its domestic operations. The company aims to increase its fleet size from the current 21,000 electric scooters to 200,000 and extend its services to 15 cities across India by 2026.
The Series C1 funding round is part of an ongoing $50 million round and comprises $15 million in equity closure. This broader round is strategically split into $40 million in equity and $10 million in debt. The equity portion has attracted participation from prominent investors, including 9unicorns, IAN Fund, Venture Catalysts, WFC, and other existing stakeholders.
Akash Gupta, Co-founder and CEO of Zypp Electric, stated 'We are eager to expand our fleet and enhance our tech platform, driving significant growth across India. These funds will be utilised to drive the company towards the full path of growth along with EBITDA profitability.'
ENEOS highlighted the strategic importance of their investment, noting the rapid growth of the last-mile delivery market in urban India. '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,' ENEOS stated.
Zypp Electric has recently expanded operations to Mumbai and Hyderabad, with a two-wheeler fleet of 21,000 and a growing three-wheeler fleet nearing 800 vehicles.
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