Gurugram-based startup Zypp Electric is raising ₹55.4 crore ($6.5 million) from 16 investors as part of its ongoing Series C funding round. According to regulatory filings accessed by Entrackr from the Registrar of Companies, the board at Zypp Electric has approved a special resolution to issue 564 Series C2 Compulsorily Convertible Preference Shares (CCPS) at an issue price of ₹9,83,005 each.
Prominent individual investors participating in this tranche include Ajay Kumar Aggarwal, Samir Goenka, Narinder Bajaj, Kapil Kriplani, Gagan Khanna, Nirmal K Bathwal, and organizations like Vega Industries and Supersonic Carrier. Entrackr estimates that this investment positions Zypp Electric’s valuation in the $335-350 million range, with the potential for further growth as the round progresses.
Ongoing Series C Round Aiming for $50 Million
The current fundraise is part of a larger Series C round, with the company targeting up to $50 million in total funding. Zypp Electric initiated this round in May 2024, securing $15 million in a tranche led by Japanese energy conglomerate ENEOS. The EV startup has attracted investments from notable backers such as IAN Fund, 9 Unicorns (now rebranded as 100 Unicorns), Anthill Ventures, and Eiman Abdullah Mahfood Al Qatar.
Zypp Electric’s Vision and Growth
Founded in 2017 by Akash Gupta and Rashi Agrawal, Zypp Electric operates as an EV-as-a-service platform, providing electric vehicle rentals and delivery solutions. The startup caters primarily to gig workers, leveraging its fleet of e-scooters for last-mile logistics and B2B delivery services. With a current fleet size of 22,000 active vehicles, Zypp has established a strong presence across key metropolitan areas, including Delhi NCR (15,000 vehicles), Bengaluru (4,000 vehicles), and Mumbai (1,200 vehicles).
Financial Performance and Market Trajectory
Zypp Electric is moving full steam ahead in the EV space. In the year ending March 2024, the company saw its revenue grow 2.6 times, crossing ₹290 crore. But this rapid growth didn’t come cheap—losses also went up, rising to ₹91 crore.
Even with these challenges, Zypp Electric remains focused on its mission to lead the EV-as-a-service market. With fresh funds from its Series C round, the company is gearing up to grow its fleet, improve its technology, and explore new markets. Zypp is determined to power the future of electric mobility and make its mark.
