Zypp Electric Secures $15 Million from ENEOS for EV Expansion

Mumbai, May 27 (PTI) EV-as-a-service platform Zypp Electric on Monday said it has raised USD 15-million funding from Japanese firm ENEOS.

The series C funding comprises USD 15-million in equity closure, as part of its ongoing USD 50-million round, which comprises USD 40-million in equity and USD 10-million in debt, the company said in a statement.

The fresh capital raised under Series C, in which other investors existing investors 9unicorns, IAN fund, venture catalysts, WFC and others also participated, will be utilised to expand Zypp's fleet from 21,000 to 2-lakh electric scooters and extend its services to 15 cities across India by 2026, it added.

The fresh investment will help Zypp in the last-mile delivery space with sustainable EV solutions, said Akash Gupta, Co-founder and CEO of Zypp Electric.

"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 earnings before interest, taxes, depreciation, and amortization (EBITDA) profitability," he added.

Further, Zypp Electric said it has forayed into the three-wheeler cargo business and claims of soon crossing 1,000 electric L5 loaders in its EV fleet and added that the company is set to cater to a wider range of business needs while maximising revenue streams, among others.

According to Zypp Electric, it clocked Rs 325-crore revenue in FY 2023-24 and launched operations in Mumbai and Hyderabad recently.

"In India, the last-mile delivery market is skyrocketing especially within urban areas. 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 was quoted as saying in the statement.