TLDR:
– Zypp Electric raises $15 million funding from Japanese firm ENEOS
– The funding will be used to expand Zypp’s fleet and services across India
In a recent development, Zypp Electric, an EV-as-a-service platform, announced that it has secured $15 million in funding from Japanese firm ENEOS. The funding, part of an ongoing $50 million round, will be utilized to expand Zypp’s fleet from 21,000 to 2 lakh electric scooters and extend its services to 15 cities by 2026. This investment will help Zypp in the last-mile delivery space with sustainable EV solutions, driving significant growth across India. Additionally, Zypp Electric has ventured into the three-wheeler cargo business and aims to cross 1,000 electric L5 loaders in its EV fleet to cater to a wider range of business needs and maximize revenue streams.
The company reported a revenue of Rs 325 crore in FY 2023-24 and recently launched operations in Mumbai and Hyderabad. ENEOS expressed confidence in Zypp’s potential in the rapidly growing last-mile delivery market, citing the company’s competitiveness in the EV motorcycle delivery segment as a key factor in their decision to invest. Overall, the funding from ENEOS and other investors will propel Zypp Electric towards growth and EBITDA profitability while expanding its presence in the Indian market.
