B2B delivery and shared mobility startup Zypp Electric raised $6.5 M in ongoing Series C round
16 investors are contributing Rs 55.4 crore ($6.5 million) to Zypp Electric, a B2B delivery and shared mobility startup that appears to be a part of the company’s ongoing Series C funding round.
According to Zypp Electric’s regulatory filing obtained from the Registrar of Companies, the board has approved a special resolution to issue 564 Series C2 CCPS at an issue price of Rs 9,83,005 each in order to raise Rs 55.4 crore.
The investment will involve a total of ten investors, including Ajay Kumar Aggarwal, Samir Goenka, Narinder Bajaj, Kapil Kriplani, Vega Industries, Gagan Khanna, Supersonic Carrier, and Nirmal K. Bathwal.
Media predicts that the company will be worth between $335 and $350 million. This appears to be a continuing round, and additional injections could change the valuation.
The business estimates that its Series C fundraising could bring in as much as $50 million. Zypp launched the new round last May with a $15 million tranche led by ENEOS. IAN Fund, 9 Unicorns (now 100 Unicorns), Anthill Ventures, Eiman Abdullah Mahfood Al Qatar, and other investors supported the business.
Zypp Electric, an EV-as-a-service platform that was founded in 2017 by Akash Gupta and Rashi Agrawal, provides gig workers with electric vehicle rentals and delivery services via its fleet of e-scooters. According to the company, its fleet currently consists of about 22,000 vehicles, with 15,000 located in Delhi NCR, 4,000 in Bengaluru, and 1,200 in Mumbai.
During the fiscal year that ended in March 2024, Zypp Electric’s operating revenue surpassed Rs 290 crore, indicating a notable 2.6X growth. However, the firm’s losses increased by 2.2X to Rs 91 crore during the same period as a result of its pursuit of scale.
