Grip Invest, a digital platform for facilitating asset-backed investments, has raised ₹6 crores for Zypp Electric. The investment will help lease 750 electric two-wheelers to Zypp Electric, helping the startup expand its fleet to 2,000 electric bikes in the next 18 months.
Speaking about the investment, Nikhil Aggarwal, the Founder and CEO of Grip Invest, said, “Savvy founders are understanding the importance of different forms of capital to meet the different requirements of their business. Especially for mobility businesses, leasing can be an incredible enabler for growth. This is the decade for EV adoption and we are excited to already be working with 15 companies such as Zypp to lease electric vehicles and charging infrastructure.”
According to an official release, “The bikes leased by Grip and operated by Zypp have created job opportunities for 1000 people and help reduce 14340 tonnes of CO2 over the last 13 months.”
So far, Grip has facilitated the leasing of assets worth more than ₹100 cr and enabled over 40 companies such as Udaan, Furlenco, Holisol, Everest Fleet, Loadshare, IPL Tech, ChargeZone, Vogo, FleetX, FabAlley, BlueTokai, etc to access a different channel of growth capital.
Rashi Agarwal, the Co-founder and CBO, Zypp Electric said, “Several global mobility companies have successfully leveraged equipment leasing model to scale their business operations and further become more agile by converting capex into opex. The asset financing approach makes us utilize the equity raised very efficiently and we were the first ones in the EV industry to start this almost 3 years ago.”
“We facilitate close to 10,000 deliveries in a day and are growing rapidly. By leasing assets through Grip facilitated investments, we hope to further expand our operations and go deeper into 30 Cities in the country while investing more in a seamless EV experience. Now we’re on a mission to go from 2000 to 100k EVs over the next few years.”