Gurugram-based technology-driven EV-as-a-service platform Zypp Electric is in the process of raising Rs 55.4 crore ($6.5 million) from 16 investors, as part of its ongoing Series C funding round. Company records with the Registrar of Companies (ROC) reveal that a special resolution was passed to issue 564 Series C2 compulsory convertible preference shares (CCPS) with a face value of Rs 10 each, at a premium of Rs 9,82,995.38. The valuation of the company is projected to be between $335-350 million following this funding round. This development was initially reported by Entrackr.
A total of 16 investors, including notable names such as Kapil Kriplani, Narinder Bajaj, Neeraj Goel, and Samir Goenka, are set to contribute to this investment.
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Also Read: Bengaluru EV maker Oben Electric secures Rs 50 crore in Series A funding to enhance operations.
In May 2024, the company commenced its Series C round, successfully raising $15 million, which was led by the prominent Japanese firm ENEOS. This round also attracted interest from existing investors including 9unicorns, IAN Fund, Venture Catalysts, WFC, among others.
Founded in 2017, the company has established key partnerships with major players such as BigBasket, Zepto, Flipkart, Myntra, Zomato, Swiggy, Blinkit, Uber, Porter, Rapido, 1MG, Delhivery, and Blue Dart.