Funding News: Mobility Startup 'Zypp Electric' uplifts $6.5 million in Series C Funding Round

Startup: Zypp Electric

Founders: Akash Gupta and Rashi Agrawal

About us: Zypp Electric operates as an EV-as-a-service platform, providing electric vehicle rentals and delivery services for gig workers using a fleet of e-scooters. The company reports having 22,000 active vehicles, with 15,000 in Delhi NCR, 4,000 in Bengaluru, and 1,200 in Mumbai.

Founded Year: 2017

Office: Mumbai

Sector:  Mobility

Funding Round: Series C

Investors: Ajay Kumar Aggarwal, Samir Goenka, Narinder Bajaj, Kapil Kriplani, Vega Industries, Gagan Khanna, Supersonic Carrier, Nirmal K Bathwal, and 10 others.

Gurugram-based B2B delivery and shared mobility startup Zypp Electric is raising 55.4 crore ($6.5 million) from 16 investors as part of its ongoing Series C funding round. Zypp Electric’s valuation is expected to reach approximately $335-350 million after this tranche, although the final valuation may fluctuate with additional capital injections.

The company aims to raise up to $50 million in total for its Series C round. It initiated the round in May 2023 with a $15 million tranche led by ENEOS. Previous backers of Zypp Electric include IAN Fund, 9 Unicorns (now 100 Unicorns), Anthill Ventures, and Eiman Abdullah Mahfood Al Qatar.

Zypp Electric experienced a 2.6X revenue increase, crossing 290 crore for the fiscal year ending March 2024. However, the pursuit of growth also led to a 2.2X rise in losses, reaching 91 crore during the same period.

Website: https://zypp.app/