Zypp Electric is an electric vehicle fleet management startup that has raised $15 million from Japanese energy firm Eneos. This Gurgaon-based EV startup plans to use the funds to expand in India and overseas markets. ET reposts that the company is working with various global companies to take its technology internationally. Zypp Electric is the first Indian startup in which this Japanese firm, Eneos, invested. Here we are talking about ZYPP Electric secured $15 million from Japanese firm ENEOS for India expansion.
Here we are talking about ZYPP Electric secured $15 million from Japanese firm ENEOS for India expansion:
The startup plans to focus on India expansion this year and go international next year. The startup plans to partner its technology with global operational players interested in using Zypp’s technology. The company saw participation from its existing investors, including 9 unicorns, Venture Catalysts, and Indian Angel Network. After this funding round, Zypp Electric was valued at $270 million. The company confirmed that the funding from Eneos was part of the larger round in which they plan to raise $10 million in debt and $40 million in fresh capital.
Zypp’s revenue increased three times in FY24 with Rs 325 crore. The company claims to have branches in Delhi NCR and Bengaluru and expanded into parts of Hyderabad and Mumbai. The company offers a platform to food-delivery platforms and quick commerce, bike taxis, and other deliveries. Akash Gupta said that the company is working on expansion and will use this fund to scale up its operations, enhance its technology, and enhance its platform to offer seamless service.
Eneos highlighted that the reason behind a $15 million investment is the skyrocketing of the last-mile delivery market in India. Zypp is already positioned well in the EV motorcycle delivery market, and its competitiveness is an addition. Founded in 2017 by Rashi Agarwal and Akash Gupta, Zypp Electric provides electric vehicles for last-mile deliveries to local merchants and e-commerce companies. This startup competes with Baaz Bikes, Euler Motors, Yulu, and Zen Mobility. Eneos invested in Zypp Electric due to the rapid growth of the last-mile delivery market in India, where Zypp Electric is already a strong competitor.
Conclusion
Zypp is an EV startup that has secured a $15 million investment from Eneos. ET reports the company is currently working with various global companies to take its technology internationally. The Gurgaon-based EV fleet management startup plans to use the funds to expand within India and into international markets. The startup plans to focus on India expansion this year and go global next year. The startup plans to partner its technology with global operational players interested in using Zypp’s technology. After this funding round, Zypp Electric was valued at $270 million.
The company confirmed that the funding from Eneos was part of a larger round in which they plan to raise $10 million in debt and $40 million in fresh capital. The company saw participation from its existing investors, including nine unicorns, Venture Catalysts, and Indian Angel Network. The company offers a platform for food-delivery platforms, quick commerce, bike taxis, and other deliveries.
