Zypp Electric is an electric vehicle fleet management startup that has raised $15 million from Japanese  energy firm Eneos. This Gurgaon-based EV startup plans to use the funds to expand in India and  overseas markets. ET reposts, the company is currently working with various global companies to take  its technology internationally. Zypp Electric is the first Indian startup that this Japanese firm Eneos  invested in.  

The startup plans to focus on India expansion this year and go international next year. The startup plans to partner its technology with operational players globally interested in using Zypp’s technology.  The company saw participation from its existing investors including 9 unicorns, Venture Catalysts, and  Indian Angel Network. After this funding round, Zypp Electric was valued at $270 million. The company  confirmed that the funding from Eneos was part of the larger round in which they plan to raise $10  million in debt and $40 million in fresh capital.  

Zypp’s revenue increased three times in FY24 with Rs 325 crore. The company claims to have branches in Delhi NCR, and Bengaluru and has also expanded into the parts of Hyderabad and Mumbai. The  company offers a platform to food-delivery platforms and quick commerce, bike taxis, and other  deliveries. Akash Gupta said that the company is working on expansion and will use this fund to scale  up its operations, enhance its technology, and enhance its platform to offer seamless service. 

Eneos highlighted the reason behind a $15 million investment is due to the skyrocketing of the last mile delivery market in India. Zypp is already positioned well in the EV motorcycle delivery market and  its competitiveness is an addition. Founded in 2017 by Rashi Agarwal and Akash Gupta, Zypp Electric  provides electric vehicles to local merchants and e-commerce companies for last-mile deliveries. This startup competes with Baaz Bikes, Euler Motors, Yulu, and Zen Mobility, among others. Eneos invested  in Zypp Electric due to the rapid growth of the last-mile delivery market in India, where Zypp Electric  is already a strong competitor. 

Conclusion: 

Zypp is an EV startup that has secured a $15 million investment from Eneos. ET reports, the company  is currently working with various global companiesto take its technology internationally. The Gurgaon based EV fleet management startup plans to use the funds to expand both within India and into  international markets. The startup plans to focus on India expansion this year and go international next  year. The startup plans to partner its technology with operational players globally interested in using Zypp’s technology.

After this funding round, Zypp Electric was valued at $270 million. The company  confirmed that the funding from Eneos was part of the larger round in which they plan to raise $10 million in debt and $40 million in fresh capital. The company saw participation from its existing  investors including 9 unicorns, Venture Catalysts, and Indian Angel Network. The company offers a  platform to food-delivery platforms and quick commerce, bike taxis, and other deliveries.