February 9, 2023: Zypp Electric, India's largest EV-as-a-service platform, has raised $25 million in its latest series B funding round, led by Gogoro, a global leader in battery swapping solutions. The funding round saw participation from both new and existing investors, including Goodyear Ventures, 9Unicorns, WFC, Venture Catalysts, and others. The mix of equity and debt funding will help the company expand its electric scooter fleet from 10,000 to 200,000 and broaden its presence to 30 Indian cities by 2025.
With the fresh funding, Zypp has now raised a total of $37.5 million ($30 million in equity and $7.5 million in debt or asset leasing). The company plans to use the funds to improve its driver experience, expand its EV hub infrastructure with Gogoro battery swapping technology, build advanced IoT and AI-powered EV fleet management technology, and grow its operations team.
Overall, the funding will be invested mainly in technology and operations, with some funds also going towards growth and expansion into multiple markets and use cases. The participation of global impact funds and Indian banks in EV debt is a significant first for the Indian EV market and could be a catalyst for further investment and growth in this space.
Speaking about the fundraise, Akash Gupta, Co-founder & CEO, Zypp Electric said, “Zypp closing Series B in the current funding environment marks a validation of our team’s hardwork. 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. This funding round bolsters our confidence, team & technology efforts to expand at scale across many cities of India and then the world. Also, this is good for the entire EV industry where large pools of global capital have now started pouring in. We at Zypp look to deploy 200,000 vehicles with plans afoot to be the largest EV services company in the world to reach our Mission Zero Emission. The impact that we’re creating in the lives of our driver partners is what brings sheer joy in our entire mission and we plan to make Zypp the most loved platform for delivery partners & our customers.”