Zypp Electric raises $7M in Series A round
Zypp Electric, an EV-based last-mile delivery startup, announced that it has raised around $7 million in a Series A round co-led by 9Unicorns and Anthill Ventures.
The round also saw participation from marquee family offices and early-stage funds — Nanavati Family Office, We Founder Circle, Silicon Valley-based Riso Capital Fund, Dholakia Ventures, along with existing investors Venture Catalysts and IAN Fund.
The Few angel investors like Tarun Saraf of Warehouse Now, Rahul Khera of AWL logistics; Arjun Seth, Mark Joseph, both EV enthusiasts, also participated in the round.
With the latest round, Zypp has raised a total of $12.5 million so far.
Speaking about the funding, Akash Gupta, Co-founder and CEO, Zypp Electric, said, “Zypp will be using the fresh funds to rapidly scale up the business over the next 12 months in building an asset-light EV business with simple charging solutions, having a fintech model of EV onboarding and focusing on technology to utilize the fleet capacity so as to help generate better savings and earnings for delivery executives.”
Launched by Akash Gupta and Rashi Agarwal in 2017, Zypp Electric strives to disrupt and revolutionize the future of last-mile delivery with the right EVs, battery swapping infrastructure, IoT, and AI/ML platform, while making it sustainable and affordable for companies of all types including e-commerce, e-grocery, and kiranas to large e-retail customers.
“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 Zypp pilots,” said Akash.
“We are thankful to all our investors who have believed in us and our growth vision. Zypp will continue to expand from 10 cities to 25 cities and grow its EV fleet to 100,000 EVs in the next few years. I’d still say that we’re just getting started and are still just scratching the surface of what the future entails in the EV logistics space, which we’re super excited and committed to solving,” he added.
Dr. Apoorva Ranjan Sharma, Founder of 9Unicorns and Venture Catalysts added, “The EV market in India is slated to be a $206 billion market by 2030 and the two-wheelers especially have a massive potential with a 100 percent FDI and different schemes rolled out by the Centre to make two-wheeler EVs affordable and increase the 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 seems to be rapidly emerging as a strong player in the market. I believe the company will soon establish itself as a dominant player. My best wishes to the team of Zypp Electric.Shishir Gupta, Founder and CEO, StartupLanes
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