(MENAFN- KNN India) New Delhi, May 28 (KNN) Zypp Electric, a leading electric vehicle (EV) Service Provider in India, has raised USD 15 million in its ongoing Series C funding round.
The latest infusion of capital, led by Japanese energy firm ENEOS, is part of a larger USD 50 million round comprised of USD 40 million in equity and USD 10 million in debt.
The funding will enable Zypp Electric to significantly expand its fleet of electric scooters from the current 21,000 to 200,000 by 2026, extending its operations across 15 major Indian cities.
Existing investors, including 9unicorns, IAN fund, Venture Catalysts, and WFC, also participated in this round.
"We are eager to expand our fleet, enhance our tech platform, and drive significant growth across India. These funds will be instrumental in steering the company towards profitability," said Akash Gupta, Co-founder and CEO, Zypp Electric.
Last year, Gupta emphasized the importance of reduced Goods and Services Tax (GST) rates for EV-related services, such as battery swapping and last-mile delivery, to accelerate the adoption of electric vehicles.
Zypp Electric, which reported a revenue of Rs 3.25 billion in the fiscal year 2023-24, has recently launched operations in Mumbai and Hyderabad.
Additionally, the company has ventured into the three-wheeler cargo business, aiming to surpass 1,000 electric L5 loaders in its fleet.
"In India, the last-mile delivery market is skyrocketing, especially within urban areas," a representative from ENEOS stated.
"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," he added.
The Indian EV sector continues to gain momentum, with sales touching a record high of 486,669 units in the first quarter of 2024, representing a 40 per cent year-over-year increase from the corresponding period in 2023.
(KNN Bureau)
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