EV startup Zypp Electric raises $25 million in Series B funding led by Gogoro
Zypp Electric, a B2B electric vehicle delivery service startup, has raised $25 million in a series B funding round with a mix of debt and equity. The round was led by Taiwanese battery swapping firm Gogoro and also saw participation from Goodyear Ventures, 9Unicorns, WFC, LetsVenture, IAN, Ivygrowth, Grip, and other angel investors.
The funding consisted of a $20 million equity round and a $5 million debt round, provided by global impact fund IIX and a major Indian bank. This marks the first time that both global impact funds and Indian banks have invested in EV debt for any fleet operator or startup in the country, according to the company.
Zypp Electric, established in 2017 by Akash Gupta and Rashi Agarwal, provides rental services of electric scooters to its business customers, including e-commerce firms like Flipkart.
“This is good for the entire EV industry where large pools of global capital have now started pouring in. We at Zypp look to deploy 200,000 vehicles with plans afoot to be the largest EV services company in the world to reach our Mission Zero Emission. The impact that we’re creating in the lives of our driver partners is what brings sheer joy in our entire mission and we plan to make Zypp the most loved platform for delivery partners & our customers,” Gupta said.
Zypp Electric is currently working with several major players in e-commerce, food, grocery, and delivery, including Zomato, Swiggy, Flipkart, Myntra, Zepto, Blinkit, Dunzo, BigBasket, Uber, Rapido, PharmEasy, 1MG, Delhivery, Jio Mart, Bluedart, and over 50 other brands.
In November 2022, Gogoro and Zypp Electric announced a strategic partnership aimed at assisting businesses in transitioning their logistics fleets and last-mile deliveries to electric vehicles using battery swapping technology.
According to Horace Luke, Founder and CEO of Gogoro, “Zypp Electric has established a pivotal role in the transition to sustainability in India’s fleet and last-mile delivery sector, but the potential is vast. With this new funding, the company will have the ability to grow its capabilities and influence in the market.”
In September 2021, the firm had previously raised approximately $7 million in its Series A funding round, which was jointly led by 9Unicorns and Anthill Ventures.
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