EV mobility startup Zypp Electric successfully lifts up $14 million in Series C round
B2B delivery and mobility startup and charging infrastrure providing brand, Zypp Electric has successfully secured Rs. 116 crore ($14 million) in its Series C funding from Japan-based petroleum firm, ENEOS Oil & Energy Asia. This funding round will be first round of investment.
The managerial board of Zypp Electric, has claimed a special resolution to allot 1,372 Series C CCPS at an issue price of Rs 8,43,750 each to raise Rs.116 crore or $14 million, according to company’s regulatory filing accessed from the Registrar of Companies.
Previously, Zypp electric was engaged to raise $40 million in its new round at a $350 million valuation led by Tribe Capital. Ther is a wide possibillity that, the company can raise more money in the near future.As per the estimation given by startup intelligence platform, TheKredible, the company is valued at around Rs. 2,253 crore or $271 million post-money.
Zypp Electric was started in 2017, as an EV-as-a-service platform. The company provides electric vehicle renting services along with delivery services through its e-scooters across the country. The startup claims that, it can power up 15 million deliveries on electric vehicles while saving around 33 million KG of CO2.
Till date, the company has raised around $80 million to date including a $25 million Series B round led by Taiwan-based battery-swapping platform Gogoro in February last year. The company was also backed by IAN Fund, 9 Unicorns (now 100 Unicorns), Anthill Ventures, Eiman Abdullah Mahfood Al Qatar, and others.
Just after a month of its Series B round Zypp Electric also announced its first Employee Stock Ownership Plan (ESOP) buyback for 15 employees. The company’s revenue from operation jumped up by 5X to Rs. 112 crore in FY23. On the other hand, the loss of the company stood at Rs. 40.5 crore in the same period.
The company claimed, that it recorded a revenue of Rs. 325 crore in FY24 and claimed that it was operationally profitable in the fiscal year. The company is yet to file its audited annual results for FY24.
The managerial board of Zypp Electric, has claimed a special resolution to allot 1,372 Series C CCPS at an issue price of Rs 8,43,750 each to raise Rs.116 crore or $14 million, according to company’s regulatory filing accessed from the Registrar of Companies.
Previously, Zypp electric was engaged to raise $40 million in its new round at a $350 million valuation led by Tribe Capital. Ther is a wide possibillity that, the company can raise more money in the near future.As per the estimation given by startup intelligence platform, TheKredible, the company is valued at around Rs. 2,253 crore or $271 million post-money.
Zypp Electric was started in 2017, as an EV-as-a-service platform. The company provides electric vehicle renting services along with delivery services through its e-scooters across the country. The startup claims that, it can power up 15 million deliveries on electric vehicles while saving around 33 million KG of CO2.
Till date, the company has raised around $80 million to date including a $25 million Series B round led by Taiwan-based battery-swapping platform Gogoro in February last year. The company was also backed by IAN Fund, 9 Unicorns (now 100 Unicorns), Anthill Ventures, Eiman Abdullah Mahfood Al Qatar, and others.
Just after a month of its Series B round Zypp Electric also announced its first Employee Stock Ownership Plan (ESOP) buyback for 15 employees. The company’s revenue from operation jumped up by 5X to Rs. 112 crore in FY23. On the other hand, the loss of the company stood at Rs. 40.5 crore in the same period.
The company claimed, that it recorded a revenue of Rs. 325 crore in FY24 and claimed that it was operationally profitable in the fiscal year. The company is yet to file its audited annual results for FY24.
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