The round is also seeing participation from Silicon Valley investor Tribe Capital, a development which ET had reported in April last year. The following month, Zypp Electric had raised $15 million as a part of the same round, led by Japanese energy firm Eneos, valuing the firm at anywhere between $250 million and $260 million.
“The company is gearing up for its initial public offering over the next year or so… and it has started onboarding domestic investors,” one of the persons cited earlier said. “Other than Nuvama Wealth, prominent stock market names and HNIs (high networth individuals) are also likely to join the round.”
Zypp Electric declined to comment. An email query to Nuvama Wealth remained unanswered.
The company has been one of the beneficiaries of India’s fast-growing quick commerce sector. It works with companies such as Swiggy, Zomato and Zepto, providing delivery riders and electric two-wheelers.
A person aware of the company’s plans said Zypp Electric has about 20,000 vehicles in its fleet, and plans to increase this to more than 100,000.
Discover the stories of your interest
By next year, the company founded by Akash Gupta, Rashi Agarwal and Tushar Mehta plans to have operations in 15 cities.“Zypp is expected to double down on its quick commerce focus… the fast growth that the sector has seen over the last few years has benefitted other downstream segments as well,” the person said.
More than a third of Zypp Electric’s fleet is deployed for food-delivery platforms Zomato and Swiggy, followed by quick commerce, bike taxi, ecommerce and hyperlocal deliveries.
In FY24, Zypp Electric saw its operating revenue rise to Rs 293 crore from Rs 109 crore in FY23. However, its losses also increased, touching Rs 91 crore from Rs 40 crore in FY23, according to financial statements sourced from the Registrar of Companies (RoC).
