Zypp Electric in Advanced Talks to Raise $35 Million to Expand EV Two-Wheeler Fleet
Zypp Electric, an electric vehicle (EV) two-wheeler startup, is making significant strides in securing additional funding to fuel its growth. The company is reportedly in advanced discussions to raise $35 million (approximately INR 300.67 crore) as part of an ongoing funding round. According to sources familiar with the matter, the investment will be led by Nuvama Wealth, with other investors coming from a mix of Southeast Asia-based funds and prominent stock exchange investors in India, including those from BSE and NSE.
This new round of funding follows a period of rapid expansion for Zypp Electric, which is committed to transforming the landscape of urban mobility through electric two-wheelers. The startup, which provides electric scooters to local merchants and e-commerce companies for last-mile deliveries, has garnered considerable attention due to its innovative business model and commitment to sustainability.
Strong Investment Support
Zypp Electric has already secured significant investments in previous funding rounds. In this ongoing round, the startup has already raised $10 million from Nuvama Private Wealth, with an additional $10 million coming from a US-based venture capital firm. The remaining $15 million is expected to come from a Southeast Asia-based fund and a group of investors from India’s BSE and NSE stock exchanges. These investors are betting on the rapid growth of the electric vehicle market in India, which is seeing an increasing shift toward sustainability and eco-friendly alternatives in transportation.
This latest round of funding marks an important step for Zypp Electric as it continues to scale up its operations and expand its electric fleet to meet the increasing demand for sustainable delivery solutions. The funds will likely be used to enhance its technological capabilities, expand its EV fleet, and further strengthen its presence in the competitive EV space.
Expanding EV Footprint
Founded in 2017 by Akash Gupta and Rashi Agarwal, Zypp Electric aims to revolutionize the logistics sector by providing electric two-wheelers for last-mile deliveries. The company partners with local merchants, e-commerce companies, and other businesses to offer them eco-friendly alternatives for their delivery fleets. With the increasing growth of e-commerce and the demand for faster, more sustainable deliveries, Zypp Electric is well-positioned to capitalize on the need for efficient, zero-emission delivery solutions.
Zypp Electric’s electric scooters are designed to meet the demands of urban logistics while significantly reducing carbon emissions, a crucial factor in cities grappling with pollution and traffic congestion. By providing an environmentally-friendly and cost-effective alternative to traditional gasoline-powered vehicles, Zypp Electric is contributing to India’s green mobility goals and pushing for a more sustainable future.
Strategic Partnerships and Milestones
In May 2022, Zypp Electric achieved a significant milestone by raising INR 115.7 crore (approximately $15 million) from Japanese energy giant ENEOS, a leading player in the global energy market. This investment provided a strong endorsement of Zypp Electric’s business model and long-term vision, further establishing the company as a leader in the electric mobility space.
As Zypp Electric prepares to raise additional capital, the company is positioning itself for continued growth in India’s fast-evolving EV landscape. With increasing consumer demand for eco-friendly solutions and a supportive regulatory environment, Zypp Electric’s vision of transforming urban logistics and reducing carbon emissions through electric vehicles is becoming increasingly attainable.
With the new round of funding, Zypp Electric is set to scale its operations, enhance its fleet, and continue its mission to provide sustainable and efficient delivery solutions across India. The electric two-wheeler startup is well-positioned to lead the charge in India’s EV revolution, ensuring that urban logistics can move toward a greener, more sustainable future.
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