The Japan-based petroleum company ENEOS Oil & Energy Asia has contributed Rs 116 crore ($14 million) to the Series C round of funding for B2B delivery and shared mobility startup Zypp Electric. The Gurugram-based business is raising capital for the first time this year with this round.
According to Zypp Electric’s regulatory filing, which can be accessed through the Registrar of Companies, the board has submitted a special resolution to allot 1,372 Series C CCPS at an issue price of Rs 8,43,750 each in order to raise Rs 116 crore, or $14 million.
Tribe Capital led negotiations for Zypp Electric to raise $40 million in a new funding round at a $350 million valuation. This implies that the business will probably be raising more capital soon.
The company is estimated to be worth Rs 2,253 crore, or $271 million after money, by the media.
Zypp Electric is a 2017-founded EV-as-a-service platform that offers nationwide delivery services via its e-scooters in addition to renting out electric vehicles. The company says it can power 15 million electric vehicle deliveries while saving about 33 million KG of CO2.
Including a $25 million Series B round led by Taiwan-based battery-swapping platform Gogoro in February of last year, Zypp Electric has raised about $80 million to date. Supporters of the business included Eiman Abdullah Mahfood Al Qatar, Anthill Ventures, IAN Fund, Nine Unicorns (now 100 Unicorns), and others.
In addition, Zypp Electric announced the first Employee Stock Ownership Plan (ESOP) buyback for 15 employees a few months after the Series B finance.
Zypp’s operational revenue increased five times to Rs 112 crore in FY23, while the company’s losses during that same period were Rs 40.5 crore. According to Zypp Electric, the company generated revenue of Rs 325 crore in FY24 and declared operational profitability during that period. The business has not yet submitted its audited FY24 annual results.
