Zypp Electric has announced raising Series B funding of $25 million led by Gogoro, a global technology leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities. The funding round also witnessed participation from new and existing investors like Goodyear Ventures, 9Unicorns, WFC, Venture Catalysts, LetsVenture, IAN, Ivygrowth, Grip & other angels.
The round is a mix of equity and debt funding, with the $20 million equity round and $5 million debt for fleet expansion from global impact fund IIX along with a large national bank participating the same. This is also the first time global impact funds and Indian banks are participating in EV debt for any fleet operator or startup in the country.
With the fresh funding, Zypp has now raised $37.5 million ($30Mn in equity and $7.5Mn in debt or asset leasing). The company will utilise the funds across its operations as it looks to expand its fleet from 10,000 to 200,000 electric scooters and widen its footprint to 30 Indian cities by December 2025.
With the funding, Zypp will also work on further improving its driver experience, expanding its EV hub infrastructure with Gogoro battery swapping, building sharp IOT & AI-enabled EV Fleet management technology, and growing its operations team by hiring across technology and top-level positions. Overall funding will be spent mainly on team & technology and the rest in growth and expansion across multiple markets and use cases.
Akash Gupta, Co-founder & CEO, Zypp Electric, said, “Zypp closing Series B in the current funding environment marks a validation of our team’s hard work. We’re excited to partner with Gogoro as its partner of growth as our Tech EV ecosystem becomes complete with their amazing battery swapping & EV offerings for the Indian market.”
Commenting on the investment, Horace Luke, Founder & CEO, Gogoro said, “Zypp Electric has taken a key leadership position in the sustainable transformation of India's fleet and last mile delivery industry but the opportunity is immense and with this new funding it will be able to expand its capabilities and market impact.”
Sandeep Mahajan, Managing Director, Goodyear India, said, “Sustainable and efficient last mile deliveries are key to address consumer demand across multiple verticals like prepared food, groceries and packages. Our Goodyear Ventures team is focused on investing in companies with a passion to advance mobility in a sustainable way and was impressed by the commitment of the Zypp team towards making this happen in India.”