Zypp Electric Secures $6.5 Million in Series C Funding Round

B2B Delivery and Shared Mobility Firm Zypp Electric Secures Rs 55.4 Crore Funding

Zypp Electric, a Gurugram-based startup focusing on B2B delivery and shared mobility, is in the process of raising Rs 55.4 crore (approximately $6.5 million) from 16 investors as part of its ongoing Series C funding round.

According to regulatory filings accessed from the Registrar of Companies, the board of Zypp Electric has approved a special resolution to issue 564 Series C2 Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 9,83,005 each, aimed at securing Rs 55.4 crore.

Notable Investors

The investment group includes various notable individuals such as:

• Ajay Kumar Aggarwal
• Samir Goenka
• Narinder Bajaj
• Kapil Kriplani
• Vega Industries
• Gagan Khanna
• Supersonic Carrier
• Nirmal K Bathwal
• Ten additional investors

Company Valuation and Funding Goals

Startup Superb estimates that the valuation of Zypp Electric will be in the range of $335-350 million. This figure may fluctuate with additional investments as the Series C funding round progresses. The company aims to raise up to $50 million in total during this round. In May of the previous year, Zypp commenced this funding initiative with a $15 million investment led by ENEOS. The company enjoys backing from notable firms such as IAN Fund, 9 Unicorns (now known as 100 Unicorns), Anthill Ventures, Eiman Abdullah Mahfood Al Qatar, and others.

Company Overview

Founded in 2017 by Akash Gupta and Rashi Agrawal, Zypp Electric operates as an electric vehicle-as-a-service platform. It provides electric vehicle rentals and delivery services through its fleet of e-scooters tailored for gig workers. The company reports having around 22,000 active vehicles within its fleet, with:

• 15,000 in Delhi NCR
• 4,000 in Bengaluru
• 1,200 in Mumbai

Financial Performance

Zypp Electric experienced substantial growth, achieving a 2.6X increase, with its operating revenue surpassing Rs 290 crore during the fiscal year ending in March 2024. Nonetheless, in its quest for expansion, the company faced rising losses, which grew 2.2X to reach Rs 91 crore during the same period.