Zypp Electric secures $15 million funding in series C round

Zypp Electric on Monday said it has raised $15 million funding from Japanese firm ENEOS. The series C funding compromises $15 million in equity closure, as part of its ongoing $50 million round, which comprises $40 million in equity and $10 million in debt, shared the company in a statement.

The fresh capital raised under Series C, wherein other existing investors 9 unicorns, venture catalysts, IAN fund, WFC, and others also participated, will be used towards expansion of Zypp’s fleet from 21,000 to 2 lakh electric scooter and extend its services to 15 cities across India by 2026.

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The co- founder and CEO of Zypp Electric, Akash Gupta said the fresh financial injection will enable the EV- as- a- service platform to last mile delivery space with sustainable EV solutions.

“We are eager to expand our fleet and enhance our tech platform, driving significant growth across India. These funds will be utilised to drive the company towards the full path of growth along with earnings before interest, taxes, depreciation, and amortization (EBITDA) profitability,” he added.