The round was led by Japanese major ENEOS, with participation from existing investors 9Unicorns, IAN Fund, Venture Catalyst, WFC and others.
Co-Founder and CEO Akash Gupta said, “Our commitment to reduce emissions and drive better lives for our partners and customers remains stronger than ever. These funds will be used to help the company drive growth with EBITD profitability. Will be done to take you to the full path." Zypp Electric said in a statement.
According to the company, the Series C1 funding includes "a $15 million equity close as part of its existing $50 million round, divided into $4 million equity and $10 million debt".
“Zypp is operating its business as a leader with competitiveness in the EV motorcycle delivery market and that is why we have decided to invest,” ENEOS said.
In FY23-24, Zypp Electric reported revenues of Rs 325 crore and recently launched operations in Mumbai and Hyderabad.
The company has delivered more than 50 million shipments via electric vehicles from January 2023 to March 2024.
Co-Founder and CEO Akash Gupta said, “Our commitment to reduce emissions and drive better lives for our partners and customers remains stronger than ever. These funds will be used to help the company drive growth with EBITD profitability. Will be done to take you to the full path." Zypp Electric said in a statement.
According to the company, the Series C1 funding includes "a $15 million equity close as part of its existing $50 million round, divided into $4 million equity and $10 million debt".
“Zypp is operating its business as a leader with competitiveness in the EV motorcycle delivery market and that is why we have decided to invest,” ENEOS said.
In FY23-24, Zypp Electric reported revenues of Rs 325 crore and recently launched operations in Mumbai and Hyderabad.
The company has delivered more than 50 million shipments via electric vehicles from January 2023 to March 2024.
