Zypp Electric, an EV last-mile delivery startup, has raised ₹51.87 crores in funding in a Series A round co-led by 9Unicorns and Anthill Ventures. The round also witnessed participation from Nanavati Family Office, We Founder Circle, Silicon Valley-based Riso Capital Fund, Dholakia Ventures along with existing investors Venture Catalysts and IAN Fund.
A Few angel investors like Tarun Saraf of Warehouse Now, Rahul Khera of AWL logistics, Arjun Seth, Mark Joseph, both EV enthusiasts, also invested in the latest round. Totally, Zypp Electric has raised a total of almost ₹89 crores in funding so far.
Zypp Electric provides electric scooters for rent to its clients. Zypp is looking to transform the future of last-mile delivery with the right EVs, battery swapping infrastructure, IoT, and AI/ML platform while making it sustainable and affordable for businesses of all types including e-commerce, e-grocery, and kiranas to large e-retail customers.
Currently, Zypp Electric has over 2000 EVs across cities, such as Delhi NCR, Bangalore, Hyderabad, Mumbai, and Pune. The company plans to expand to 10,000 vehicles across 25 cities over the next 12 months. The company has tied up with OEMs such as Hero Electric, Etrio and Piaggio to procure the vehicles.
Speaking about the funds raised, the Co-founder and CEO of Zypp Electric, Akash Gupta said, “The electric logistics vision is a $123 billion market in India and we can see multiple unicorns in this space. We at Zypp wish to be the first and the largest when it comes to electrifying logistics. With the largest customers in our belt, with the best team on board and with the largest EV logistics fleet in the country, we aim to make every delivery pollution-free for our customers and also creating more savings for the delivery executives whom we call Zypp pilots. We are thankful to all our incoming investors who have believed in us and our growth vision.”
Gupta added, “Zypp would be using the fresh funds in rapidly scaling up the business over the next 12 months in building an asset-light EV business with simple charging solutions, having a fintech model of EV onboarding and focusing on technology to utilize the fleet capacity to help generate better savings and earnings for delivery executives. Zypp would continue to expand from 10 cities to 25 cities and grow its EV fleet to 100k EVs in the next few years. I’d still say that we’re just getting started and still just scratching the surface of what the future entails in the EV logistics space which we’re super excited and committed to solving.”
Speaking about the EV market and Zypp in particular, Dr Apoorva Ranjan Sharma, the Founder of 9Unicorns and Venture Catalysts said, “The EV market in India is slated to be a $206 billion market by 2030 and the two-wheeler especially has a massive potential with a 100% FDI and different schemes rolled out by the Centre to make two-wheeler EVs affordable and increase the production. This is going to give a major push to expand the industry and also increase sales. Hence, we are proactively looking at the EV space at present and are optimistic about Zypp’s potential to be a Unicorn in this space.”
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