Zypp Electric Raises $7 Million In Series A Funding

Last mile delivery start-up Zypp Electric has raised around $7 million (approximately Rs. 52 crore) in a Series A funding round co-led by 9Unicorns and Anthill Ventures. The latest round of funding also witnessed participation from early-stage funds and angel investors .With the fresh funding, Zypp Electric has now raised $12.5 million (over approximately Rs. 92 crore) so far. Zypp Electric was co-founded by Akash Gupta and Rashi Agarwal in 2017 and provides electric scooters on rent to its clients, which includes e-commerce giants.

Zypp Electric works with about 200-odd B2B grocery and other hyperlocal delivery companies like BigBasket, Amazon, Rapido, Flipkart, Spencers, Grofers, Citymall, Dealshare and many other customers. The company currently has over 2,000 electric vehicles across cities such as Delhi-NCR, Bengaluru, Hyderabad, Mumbai and Pune.

Akash Gupta, Co-founder and CEO, Zypp Electric, says that Zypp Electric is still scratching the surface, and there is tremendous scope in the EV logistics space.

On the latest fundraise, Co-founder and CEO of Zypp Electric, Akash Gupta said, "The electric logistics vision is a $123 billion market in India and we can see multiple unicorns in this space. We at Zypp wish to be the first and the largest when it comes to electrifying logistics. With the largest customers in our belt, with the best team on board and with the largest EV logistics fleet in the country, we aim to make every delivery pollution-free for our customers and also creating more savings for the delivery executives whom we call as Zypp pilots. We are thankful to all our incoming investors who have believed in us and our growth vision."

The start-up has recently begun operations in Bengaluru and Pune with 100 riders in each city. The company now has operations across 9 cities.

Gupta said that "Zypp would be using the fresh funds in rapidly scaling up the business over the next 12 months in building an asset light EV business with simple charging solutions, having a fin-tech model of EV on-boarding and focusing on technology to utilise the fleet capacity so as to help generate better savings and earnings for delivery executives. Zypp would continue to expand from 10 cities to 25 cities and grow its EV fleet to 100k EVs in the next few years. I'd still say that we're just getting started and still just scratching the surface of what the future entails in the EV logistics space which we're super excited and committed to solve."

Zypp Electric has announced taking on over 1,100 new hires during the pandemic

Talking about the potential of the EV market and Zypp in particular, Dr. Apoorva Ranjan Sharma, Founder of 9Unicorns and Venture Catalysts said, "The EV market in India is slated to be a $206 billion market by 2030 and the two-wheeler especially has a massive potential with a 100% FDI and different schemes rolled out by the centre to make two-wheeler EVs affordable and increase production. This is definitely going to give a major push to expand the industry and also increase sales. Hence, we are proactively looking at the EV space at present and are optimistic about Zypp's potential to be a Unicorn in this space."

Zypp Electric was founded in 2017 and is India's leading last-mile delivery EV startupThe company currently delivers groceries, medicines, food, packages from point A to point B through their fully automated IoT and AI-enabled scooters. The company has a network of battery swapping stations, installed at key touchpoints.