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Zypp Electric Secures Rs 116 Crore in Series C Funding

Zypp Electric

Gurugram-based B2B delivery and shared mobility startup, Zypp Electric, has raised Rs 116 crore ($14 million) in its Series C funding round from Japan’s ENEOS Oil & Energy Asia. This marks Zypp Electric’s first investment round of the year.

According to regulatory filings accessed from the Registrar of Companies, Zypp Electric’s board has passed a special resolution to issue 1,372 Series C CCPS at Rs 8,43,750 each, raising Rs 116 crore or $14 million.

Zypp Electric has been in discussions to raise $40 million in a new round at a $350 million valuation, led by Tribe Capital, indicating potential further fundraising in the near future. TheKredible estimates the company’s post-money valuation at approximately Rs 2,253 crore ($271 million).

Founded in 2017, Zypp Electric operates an EV-as-a-service platform, offering electric vehicle rentals and delivery services via e-scooters across India. The company claims to have powered 15 million deliveries on electric vehicles, saving around 33 million KG of CO2 emissions.

To date, Zypp Electric has raised around $80 million, including a $25 million Series B round led by Taiwan’s battery-swapping platform Gogoro in February last year. The company is backed by investors such as IAN Fund, 9 Unicorns (now 100 Unicorns), Anthill Ventures, and Eiman Abdullah Mahfood Al Qatar, among others. Additionally, Zypp Electric initiated its first Employee Stock Ownership Plan (ESOP) buyback for 15 employees following the Series B round.

Zypp Electric’s operational revenue quintupled to Rs 112 crore in FY23, with losses amounting to Rs 40.5 crore for the same period. The company reported a revenue of Rs 325 crore in FY24 and claimed operational profitability for the fiscal year, although audited results for FY24 have yet to be filed.

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