EV-as-a-service platform Zypp Electric on Wednesday said it has raised $25 million led by Gogoro, a global technology leader in battery swapping ecosystem, in its series B funding.
With the new funds, Zypp aims to increase its fleet size from 10,000 to 200,000 electric vehicles and expand its footprint to 30 cities in India by 2025.
The round is a mix of $20 million in equity and $5 million in debt. The $20 million equity round also saw participation from Goodyear Ventures, 9Unicorns, WFC, Venture Catalysts, LetsVenture, IAN, Ivygrowth, Grip.
The company also closed debt of $5 million from global impact fund IIX and a large national bank in India.
“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,” said Akash Gupta, Co-founder & CEO, Zypp Electric.
Zypp has now raised $37.5 million to date.
With the fresh funding, Zypp will work on further improving its driver experience, expanding its EV hub infrastructure with Gogoro battery swapping, building sharp IOT and AI0enabled EV fleet management technology, and growing its operations team by hiring across technology and top-level positions.
“Zypp Electric has taken a key leadership position in the sustainable transformation of India’s fleet and last mile delivery industry but the opportunity is immense and with this new funding it will be able to expand its capabilities and market impact,” said Horace Luke, Founder and CEO, Gogoro.
In 5 years of its inception, Zypp has become the largest EV partner for enabling EV-as-a-service in last mile. It is now enabling 10,000 Zypp-affiliated gig workers to earn more and save more.
BigBasket, Zepto, Flipkart, Myntra, Zomato, Swiggy, Blinkit, Dunzo, Uber, Rapido, Jio Mart, PharmEasy, 1MG, Delhivery, Bluedart and many more are a few key partners of Zypp.
In November 2022, Gogoro and Zypp announced a strategic B2B partnership to accelerate the electric transformation of fleets and last mile deliveries in India.