STARTUP-STORIES

Zypp Electric Gears Up for Growth with $15 Million Fundraise and International Expansion Plans

SUMMARY

Zypp Electric, an Indian EV fleet management company, secured $15 million from Eneos Corporation. They plan to use this funding to expand their electric vehicle fleet from 21,000 to 200,000 by 2026 and enter 15 Indian cities. They also have plans to explore international expansion in Southeast Asia and West Asia.

Zypp works with major delivery platforms like Zomato and Swiggy and aims to leverage their technology platform to partner with global players for operational expansion in new markets. They are committed to profitability and see a bright future in the booming last-mile delivery segment.

Zypp Electric, a leading electric vehicle (EV) fleet management company in India, has secured $15 million in fresh funding led by Japanese energy giant Eneos Corporation. This investment fuels Zypp's ambitious plans for domestic and international expansion.

Funding and Expansion: Zypp raised $15 million as part of a larger $40 million funding round. The company aims to utilize the funds to:
Expand its fleet size from 21,000 to 200,000 electric vehicles by 2026.
Enter 15 Indian cities by 2026.
Explore international expansion opportunities in Southeast Asia and West Asia, potentially targeting markets like Indonesia, Thailand, and the Philippines.

Focus on Technology and Profitability: Zypp plans to use the funds to further develop its technology platform and achieve EBITDA profitability. Their technology stack allows partnerships with global players for operational expansion.

Strong Revenue Growth: Zypp witnessed a significant revenue increase, nearly tripling to Rs 325 crore in the 2023-24 financial year.

Strategic Partnerships:

Zypp collaborates with leading delivery platforms like Zomato, Swiggy, Zepto, and Uber. More than a third of their fleet caters to food delivery services.

Investor Confidence:

Eneos Corporation's investment reflects their belief in Zypp's pioneering role in the EV motorcycle delivery market and the booming last-mile delivery segment in India.

Overall, Zypp Electric's recent funding and strategic focus position them as a major player in India's EV revolution. Their commitment to technology, profitability, and international expansion paves the way for a sustainable and scalable future.