Zypp Electric, a B2B delivery and shared mobility startup has raised Rs 116 crore ($14 million) in its Series C round from Japan-based petroleum firm, ENEOS Oil & Energy Asia.

This is the first round of investment for the Gurugram-based company in 2024.

As per the startup, the funds will be used for the firm’s planned expansion into Southeast Asia early next year.

Zypp Electric | B2B Delivery and Shared Mobility Startup

Founded by Akash Gupta in the year 2017, Zypp Electric is an EV-as-a-service platform that offers electric vehicle renting services along with delivery services via its e-scooters across the country. The firm claims to power 15 million deliveries on electric vehicles while saving around 33 million KG of CO2.

Zypp Electric has raised around $80 million to date which includes a $25 million Series B round led by Taiwan-based battery-swapping platform Gogoro in February last year.

Zypp Electric was in talks to raise $40 million in its new round at a $350 million valuation backed by Tribe Capital. This also suggests that the company is likely to raise more money in the coming near future.

The company was backed by IAN Fund, 9 Unicorns (now 100 Unicorns), Anthill Ventures, Eiman Abdullah Mahfood Al Qatar, and others.

The company as of now has been working to expand its business — geographically and by volume as well. The company earlier planned to expand its fleet to 200,000 electric two-wheelers and enter 30 Indian cities by 2025.

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