Indian startup Zypp Electric secured $25 million in series B funding from investors led by Taiwanese battery-swap tech giant Gogoro. The company intends to use the funds to expand its current fleet of 10,000 electric two-wheelers to 200,000 units throughout 20 Indian cities by December 2025.
Notably, the series B funding round includes $5 million in debt and $20 million in equity. Other investors in the $20 million equity round comprised Goodyear Ventures, 9 Unicorns, WFC, Venture Catalysts, LetsVenture, IAN, Ivygrowth, and Grip.
Purpose
The Indian EV-as-a-service platform seeks to expand its fleet to 200,000 two-wheeler EVs from the current number of just 10,000 units. As mentioned above, Zypp Electric aims to penetrate 30 Indian cities where online retail is already well adopted by 2025, including Ahmedabad, Hyderabad, Jaipur, and Mumbai.
“We at Zypp look to deploy 200,000 vehicles with plans afoot to be the largest EV services company in the world to reach our Mission Zero Emission.”
Zypp Electric CEO, Akash Gupta
As of now, Zypp Electric accumulated $37.5 in funds. With the additional funds, the Indian startup intends to execute the following plans:
· Enhance driver experience
· Develop IOT and AI0enabled EV fleet management tech
· Expand the operations team for technology and top-level roles
· EV hub infrastructure expansion to include Gogoro battery swapping tech
It is worth noting that Gogoro and Zypp have already formed a strategic B2B partnership in November 2022. The two companies seek to boost the electrification of India’s last-mile deliveries and fleets.
“Zypp Electric has taken a key leadership position in the sustainable transformation of India’s fleet and last mile delivery industry but the opportunity is immense and with this new funding it will be able to expand its capabilities and market impact.”
Gogoro CEO Horace Luke
