Zypp Electric, an EV startup that provides last-mile logistics services, has announced raising $25 million (Rs. 206 crore) in series B funding. The funding round was led by battery swapping solutions provider, Gogoro, along with other investors like - Goodyear Ventures, 9Unicorns, WFC, Venture Catalysts, LetsVenture, IAN, Ivygrowth, Grip & other angels. The round is a mix of equity and debt funding, with the $20 million (Rs. 165 crore) equity round and $5 million (Rs. 41 crore) debt for fleet expansion from global impact fund IIX along with a large national bank participating in the same.
Also Read: Gogoro Announces EV Ecosystem Pilot Project In India; Will Partner With Zypp Electric
Zypp says that it aims to use the funding to increase its fleet size from 10,000 to 200,000 (2 Lakhs) electric vehicles by 2025, at the same time expand its footprint to 30 cities during the same period. Additionally, the company also wants to improve the experience for its driver partners by expanding its EV hub infrastructure with Gogoro battery swapping technology, building sharp IOT & AI enabled EV Fleet management technology, and growing its operations team by hiring across technology and top-level positions.
Also Read: Zypp Electric Announces Partnership With Battery Smart
Speaking about the fundraise, Akash Gupta, Co-founder & CEO, Zypp Electric said, “We’re excited to partner with Gogoro as its partner of growth as our Tech EV ecosystem becomes complete with their amazing battery swapping & EV offerings for the Indian market. This funding round bolsters our confidence, team & technology efforts to expand at scale across many cities of India and then the world. Also, this is good for the entire EV industry where large pools of global capital have now started pouring in.”
In November 2022, Gogoro and Zypp had announced a strategic B2B partnership to accelerate the electric transformation of fleets and last mile deliveries in India. Under the pilot project, Zypp and Gogoro are deploying 100 battery-swapping-enabled electric scooters in Delhi-NCR and 6 battery-swapping stations at Zypp hubs.
With the fresh round of funding, so far Zypp has raised $37.5 million (Rs. 310 crore) in total. This includes $30 million (Rs. 248 crore) in equity and $7.5 (Rs. 62 crore) in debt or asset leasing.
