As per sources, the startup has raised $10 Mn through Nuwama Private Wealth, with another $10 Mn coming from a US-based VC firm
Last year in May, Zypp Electric bagged INR 115.7 Cr ($15 Mn) from Japanese energy giant ENEOS
Besides this, the startup will be raising the remaining amount of around $15 Mn which is likely going to come from Southeast Asia-based fund and BSE and NSE Stock exchange investors
EV two-wheeler startup Zypp Electric
is in advanced discussions to raise an additional $35 (around INR 300.67 Cr )25-30 Mn, people aware of the matter told Inc42. from investors led by Nuvama Wealth as part of an ongoing funding round, ET reported.
As per sources, the startup has raised $10 Mn through Nuwama Private Wealth, with another $10 Mn coming from a US-based VC firm. Besides this, the startup will be raising the remaining amount of around $15 Mn which is likely going to come from Southeast Asia-based fund and BSE and NSE Stock exchange investors.
Last year in May, Zypp Electric bagged INR 115.7 Cr ($15 Mn) from Japanese energy giant ENEOS.
The startup has been one of the beneficiaries of India’s fast-growing quick commerce sector. Over 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.
Founded in 2017 by Akash Gupta and Rashi Agarwal, Zypp Electric provides electric scooters to local merchants and ecommerce companies for last-mile deliveries.
The startup counts the likes of Swiggy, Zepto, Flipkart, Rapido, Blinkit, Zomato, Uber, and Amazon among its clients.
The startup claims to have an electric fleet of over 20,000 EV scooters and is operational in Delhi NCR, Bengaluru, and has also forayed into Hyderabad and Mumbai.
To date, the startup has secured $55.50 Mn in funding and counts the likes of among its investors.
Intending to strengthen the company’s leadership team and accelerate the initial public offering (IPO) plan, Zypp Electric last month appointed former SoftBank India head and Bharti Airtel veteran Manoj Kohli as its senior advisor
On the financial front, Delhi NCR-based EV two-wheeler startup’s operating revenue surged 2.7X in the financial year ended March 31, 2024. The Akash Gupta-led startup’s revenue stood at INR 292.7 Cr in FY24, up 168% from INR 109.1 Cr in the previous fiscal year.
Despite the increase in its top line, the startup’s net loss surged 125% to INR 91.1 Cr in FY24 from INR 40 Cr in the previous year.
