Zypp Electric, an EV platform as a service, raised $25 million in Series B funding, bringing $37.5 million in total. The company is looking to expand its current fleet of 10,000 vehicles to 2 million electric scooters. It also aims to expand its footprint to 30 cities in the country by the end of 2025.
The Series B round is a combination of equity and debt financing, raising $20 million in equity and $5 million in debt. This will enable Global Impact Fund IIX’s fleet to expand, with participation from major national banks. It has joined, the startup said in a statement. Meanwhile, of the total funding of $37.5 million, $30 million is in equity, and $7.5 million is in debt or asset leases.
Gogoro, a leader in the battery replacement ecosystem, led the funding round. Several new and existing investors are participating in the round, including Goodyear Ventures, 9Unicorns, WFC, Venture Catalysts, LetsVenture, IAN, Ivygrowth, and Grip. Zypp Electric aims to provide last-mile delivery by making electricity accessible to major e-commerce, grocery, grocery delivery, and ride-sharing giants.
According to the startup, so far it has delivered 15 million electric vehicles to its e-commerce partners, saving 33 million kilograms of carbon dioxide. Participating partners include Zomato, Myntra, BigBasket, Dunzo, PharmEasy, Swiggy, Flipkart, and Zepto.
In addition to improving the driving experience, Zypp will expand our EV hub infrastructure with Gogoro battery swaps, build IOT and AI-enabled EV fleet management technology, and hire technology experts. There will be an expansion of our staff. With our overall funding strategy, we will focus primarily on our team and technology, while the remainder will be allocated to growth and expansion across multiple markets and use cases.”
Startup co-founder and CEO Akash Gupta said the partnership with Gogoro will complement Gogoro’s tech EV ecosystem with battery replacements and EV offerings for the Indian market.
“To achieve our zero-emissions mission, we aim to deploy 200,000 EVs and become the world’s largest EV service provider. Impact on the Lives of Our Passenger Partners is the driving force behind our overall mission, and we plan to make Zypp the most popular platform for our shipping partners and customers. ” Horace Luke, CEO and founder of Gogoro Electric, said Zypp Electric will benefit from the increased funding.
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