Gurugram-based B2B delivery and shared mobility startup Zypp Electric has successfully raised ₹55.4 crore ($6.5 million) from 16 investors, marking a significant step in its ongoing Series C funding round.
This funding is expected to fuel the company’s growth plans, including expanding its operations and scaling its fleet size.
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According to regulatory filings accessed from the Registrar of Companies, the board approved the issuance of 564 Series C2 CCPS at ₹9,83,005 per share to raise the funds.
Notable investors in this tranche include Ajay Kumar Aggarwal, Samir Goenka, Narinder Bajaj, Kapil Kriplani, Vega Industries, Gagan Khanna, Supersonic Carrier, and Nirmal K Bathwal, along with 10 others.
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Valuation estimates from Entrackr suggest that Zypp Electric is now valued at approximately $335–350 million as part of this round. However, this valuation could evolve with further investments, as the company plans to raise up to $50 million in its Series C round.
Zypp had earlier kickstarted this round in May 2024 with a $15 million tranche led by ENEOS, backed by other investors such as IAN Fund, 9 Unicorns (now 100 Unicorns), Anthill Ventures, and Eiman Abdullah Mahfood Al Qatar.
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About Zypp Electric
Established in 2017 by Akash Gupta and Rashi Agarwal, Zypp Electric operates as an EV-as-a-service platform, providing electric vehicle rentals and delivery services through its e-scooter fleet. The company has an active fleet of 22,000 vehicles, distributed across major cities: 15,000 in Delhi NCR, 4,000 in Bengaluru, and 1,200 in Mumbai.
Zypp Electric’s recent performance underscores its potential, with operating revenue surging 2.6X to ₹290 crore in FY24. However, the company also reported an increase in losses, which rose 2.2X to ₹91 crore as it prioritized scaling operations.
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