Gurugram-based Zypp Electric, a B2B delivery and shared mobility startup, has just pocketed another INR 55.4 crore (~ USD 6.5 million) in their ongoing Series C funding. This cash injection is a big vote of confidence in Zypp’s mission to make electric vehicles (EVs) the norm in India.
Breaking Down Zypp Elecric’s Series C Funding
Zypp’s board gave the green light to issue 564 Series C2 compulsory convertible preference shares (CCPS), each priced at INR 9,83,005. That includes a face value of INR 10 and a significant premium of INR 9,82,995.38.
Sixteen investors jumped on board for this round, including some significant investors like Ajay Kumar Aggarwal, Samir Goenka, Supersonic Carrier and Vega Industries. This follows a previous boost in May 2024 when the company raked in USD 15 million led by ENEOS and backed by 9Unicorns (now 100 Unicorns), IAN Fund, and others. With this, Zypp’s valuation is now floating somewhere between USD 335-350 million, but the company is aiming to hit up to USD 50 million in total for the Series C round.
Journey of Zypp Electric
Founded back in 2017 by Akash Gupta and Rashi Agrawal, Zypp Electric set out to change the game in urban transport. They offer electric scooters on rent and handle last-mile deliveries for gig workers and businesses, helping everyone save on logistics while being kind to the planet.
The company’s EV fleet has grown up to 22,000 vehicles, spread across:
- Delhi NCR: 15,000 scooters
- Bengaluru: 4,000 scooters
- Mumbai: 1,200 scooters
The company’s clientele includes BigBasket, Zepto, and even Zomato, showing just how versatile their service is.
Financials Performance
The last fiscal year, ending March 2024, was a blockbuster for Zypp. The company’s operating revenue jumped by 2.6 times to over INR 290 crore from INR 111 crore the year before. But, with big growth comes big spending, Zypp’s losses also doubled to INR 91 crore. Still, this paints a picture of a company ready to scale up and dominate.
This new funding isn’t just about numbers; it’s about pushing forward their dream of a greener India. The company is planning to expand its vehicle fleet and build charging infrastructure, tackling one of the biggest hurdles in EV adoption.
Zypp’s focus on sustainability coincides perfectly with India’s push towards lower carbon emissions and cleaner air. Not only does this help the environment, but it also supports the gig economy and offers businesses a more cost-effective way to handle logistics.
Looking Ahead
India’s going green with transport, and Zypp Electric is at the forefront, pushing for a cleaner tomorrow. The company is growing bigger, and smarter, deepening connections with their partners, and eyeing fresh markets. This new funding is a big boost for their vision and shows how the company is mastering the tricky business of scaling up in a tough market
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