Zypp Electric Raises $1 Million In Funding Round From Northern Arc
- ByStartupStory | April 25, 2022
As conversations around eco-friendly vehicles have increased, so have the steps taken to create change. Zypp Electric, a D2C EV brand has successfully $1 million (7.6 crores) to expand its fleet of vehicles.
The startup received funding from prominent financial services company Northern Arc Capital and is planning to ramp up production by deploying 1.5 lakh scooters throughout India during the next three years.
The company, which was started by Co-Founders Akash Gupta and Rashi Agarwal, aimed to revolutionize electric mobility in India. With over 3500 EV fleets, Zypp Electric has raised over 1 lakh crore in funding from various investors and equity partners.
Akash Gupta, Co-Founder and CEO released a statement after the raising of capital, stating, “Zypp turning profitable is proof that it is on the right path and utilizing its resources efficiently in the right direction.”
He also added, “Further, Northern Arc is a highly respectable financial services platform and an NBFC, with USD 1 million debt raised from them, we’ve added another level of growth at much better IRRs as we accelerate closer to our vision of 100 per cent EVs in the last mile in the country,”
The company already holds partnerships with known brands such as Myntra, Swiggy, Zomato, Amazon, Jiomart, etc. With the expansion of its fleet, Zypp Electric plans to increase its user base by 300% each month.
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