Zypp Electric, a B2B delivery and shared mobility firm, is raising Rs 55.4 crore which comse to about USD 6.5 million from 16 investors as part of its ongoing Series C investment round in Gurugram. The board of Zypp Electric has authorized a special resolution to issue 564 Series C2 CCPS at an issue price of Rs 9,83,005 apiece, raising Rs 55.4 crore, according to a regulatory filing obtained from the Registrar of Companies.
Individuals such as Ajay Kumar Aggarwal, Samir Goenka, Narinder Bajaj, Kapil Kriplani, Vega Industries, Gagan Khanna, Supersonic Carrier, Nirmal K Bathwal, and ten additional investors would all participate in the venture. Entrackr forecasts that the company will be valued between $335 and $350 million. This appears to be part of an ongoing round, and the valuation may change with additional injections.
The company expects to raise up to $50 million in the Series C fundraising round. In May of last year, Zypp launched the current round with a USD 15 million tranche led by ENEOS. The startup was supported by IAN Fund, 9 Unicorns (now 100 Unicorns), Anthill Ventures, Eiman Abdullah Mahfood Al Qatar, and others.
Zypp Electric, founded in 2017 by Akash Gupta and Rashi Agrawal, is an EV-as-a-service platform that rents electric vehicles and provides delivery services for gig workers via its e-scooter fleet. The company claims to have approximately 22,000 operational vehicles in its fleet, with 15,000 in Delhi-NCR, 4,000 in Bengaluru, and 1,200 in Mumbai.
Zypp Electric had substantial 2.6X growth, with operational revenue exceeding Rs 290 crore in the fiscal year ended March 2024. However, in pursuit of size, the firm's losses increased 2.2X to Rs 91 crore over the same period.
