Mumbai: EV-as-a-service platform Zypp Electric on Monday said it has raised US$15 million funding from Japanese firm ENEOS.
The Series C funding includes US$15 million in equity closing, as part of its ongoing US$50 million funding round, which consists of US$40 million in equity and US$10 million in debt, the company said in a statement. Are included.
The fresh capital raised under the Series C, which included other investors including 9Unicorns, IAN Fund, Venture Catalyst, WFC and others, will be used to expand Zip's fleet from 21,000 to 2 lakh electric scooters and expand its services across 15 cities. Will be done to do. All over India by 2026, I added.
Akash Gupta, co-founder and CEO, Zip Electric, said the fresh investment will help Zip expand into the last mile delivery sector with sustainable EV solutions.“We are keen to expand our fleet and enhance our technology platform, driving significant growth across India. These funds will be used to drive earnings before interest tax, depreciation and amortization (EBITDA) profitability as well as the company's To be taken on the full path of development," he added.
Additionally, Zypp Electric said it has entered three-wheeler cargo businesses and claimed to soon cross 1,000 electric L5 loaders in its EV fleet and said the company is looking to maximize revenue streams as well as business. Designed to meet a wide range of needs. Other.According to Zypp Electric, it is expected to generate revenue of Rs 325 crore in FY 2023-24 from its recently launched operations in Mumbai and Hyderabad.
ENEOS is quoted as saying, "In India, the last-mile delivery market is skyrocketing especially in urban areas. Zypp is operating its business as a leader in the EV motorcycle delivery market with competitiveness and that's why That we have decided to invest." As stated in the statement.
The Series C funding includes US$15 million in equity closing, as part of its ongoing US$50 million funding round, which consists of US$40 million in equity and US$10 million in debt, the company said in a statement. Are included.
The fresh capital raised under the Series C, which included other investors including 9Unicorns, IAN Fund, Venture Catalyst, WFC and others, will be used to expand Zip's fleet from 21,000 to 2 lakh electric scooters and expand its services across 15 cities. Will be done to do. All over India by 2026, I added.
Akash Gupta, co-founder and CEO, Zip Electric, said the fresh investment will help Zip expand into the last mile delivery sector with sustainable EV solutions.“We are keen to expand our fleet and enhance our technology platform, driving significant growth across India. These funds will be used to drive earnings before interest tax, depreciation and amortization (EBITDA) profitability as well as the company's To be taken on the full path of development," he added.
Additionally, Zypp Electric said it has entered three-wheeler cargo businesses and claimed to soon cross 1,000 electric L5 loaders in its EV fleet and said the company is looking to maximize revenue streams as well as business. Designed to meet a wide range of needs. Other.According to Zypp Electric, it is expected to generate revenue of Rs 325 crore in FY 2023-24 from its recently launched operations in Mumbai and Hyderabad.
ENEOS is quoted as saying, "In India, the last-mile delivery market is skyrocketing especially in urban areas. Zypp is operating its business as a leader in the EV motorcycle delivery market with competitiveness and that's why That we have decided to invest." As stated in the statement.
