Gurugram-based B2B delivery and shared mobility startup Zypp Electric is raising Rs. 55.4 crore ($6.5 million) from 16 investors as part of its ongoing Series C funding round. A regulatory filing from the Registrar of Companies reveals that the company’s board approved a special resolution to issue 564 Series C2 CCPS at Rs. 9,83,005 per share to secure the funds.

Among the investors participating in this round are Ajay Kumar Aggarwal, Samir Goenka, Narinder Bajaj, Kapil Kriplani, Vega Industries, Gagan Khanna, Supersonic Carrier, Nirmal K Bathwal, and 10 others.

Zypp Electric’s valuation is expected to reach approximately $335-350 million after this tranche, although the final valuation may fluctuate with additional capital injections.

The company aims to raise up to $50 million in total for its Series C round. It initiated the round in May 2023 with a $15 million tranche led by ENEOS.

Previous backers of Zypp Electric include IAN Fund, 9 Unicorns (now 100 Unicorns), Anthill Ventures, and Eiman Abdullah Mahfood Al Qatar.

Founded in 2017 by Akash Gupta and Rashi Agrawal, Zypp Electric operates as an EV-as-a-service platform, providing electric vehicle rentals and delivery services for gig workers using a fleet of e-scooters.

The company reports having 22,000 active vehicles, with 15,000 in Delhi NCR, 4,000 in Bengaluru, and 1,200 in Mumbai.

Zypp Electric experienced a 2.6X revenue increase, crossing Rs. 290 crore for the fiscal year ending March 2024. However, the pursuit of growth also led to a 2.2X rise in losses, reaching Rs. 91 crore during the same period.