The battery-swapping ecosystems industry pioneer Gogoro led a $25 million series B fundraising round for Zypp Electric, an EV-as-a-service platform. The Taiwanese company Gogoro is a global technology leader in battery-swapping ecosystems. In the future, Zypp will work on further enhancing its driver experience, expanding its EV hub infrastructure with Gogoro battery swapping with the funding. The overall budget will be spent mainly on team and technology, the rest on growth and evolution across multiple markets and use cases. The company will operate the funds to increase its fleet from 10,000 to 2,00,000 electric scooters and widen its footprint to 30 Indian cities by December 2025.
Revolutionizing Last-Mile Deliveries in India
It was founded in 2017 and has partnered with online shopping platforms Flipkart and Myntra, food delivery service providers Zomato and Swiggy, and grocery players Zepto and Blinkit. Gogro and Zypp Electric announced a B2B (Business to Business) partnership to accelerate the electric transformation of fleets and last-mile deliveries in India in 2022.
Now, Zypp’s value at about 6 times the nearly $30 million valuation it fetched in the last round. Adding, it is recording $20 million in annual recurring revenue and growing 20% to 25% month-on-month. Zypp Electric was founded in 2017 and has partnered with online shopping platforms like Flipkart and Myntra, food delivery service providers Zomato and Swiggy, and grocery players Zepto and Blinkit. It also aims to grow its operations by hiring across technology and top-level positions at a time when a few Indian startups are laying off hundreds of workers to reduce expenses.
Zypp Electric Raises $25M to Expand EV Fleet
The round is a mix of debt funding and equity, with the $20 million equity and $5 million debt for fleet expansion from a global impact fund and a large national bank participating. For the first time, international effect funds and Indian banks are participating in EV debt for any fleet operator or startup in the nation. With the fresh funding, Zypp Electric has now raised $37.5 million, which is $7.5 million in debt or asset leasing and $30 million in equity.
Empowering Last-Mile Delivery
Zypp Electric works in last-mile delivery, allowing effective E-commerce, food, grocery delivery, and ride-sharing giants to go electric. Initial the last 5 years, the firm permitted 10,000 Zypp-affiliated gig workers to earn their livelihood. It has already achieved 15 million deliveries using EVs for top E-commerce partners. Some include BigBasket, Zepto, Flipkart, Myntra, Zomato, Swiggy, Blinkit, Dunzo, Uber, and Rapido.