Zypp Electric announced on Wednesday that it has raised $25 million in a series B fundraising round headed by Taiwanese battery-swapping service provider Gogoro Inc, as the Indian electric car startup seeks to expand into new cities and increase fleet size.
The fundraising round is Gogoro’s latest move to develop in India, where EVs are gaining traction, having collaborated with the country’s leading motorcycle manufacturer, Hero MotoCorp, and the state of Maharashtra.
Delivery businesses in India are focusing on greener mobility, with Amazon aiming for 10,000 EV deliveries by 2025 and Walmart’s Flipkart aiming for 25,000 EVs by 2030.
Several new and old investors, including Goodyear Tire & Rubber’s Goodyear Ventures, 9Unicorns, and WFC, participated in the $20 million equity and $5 million debt investment round. Gogoro contributed about $12 million in equity, according to Zypp.
Zypp is now valued at roughly six times what it was valued at in the prior round, Gupta said, adding that it is generating $20 million in annual recurring revenue and expanding 20% to 25% month on month.
Zypp, which was founded in 2017, has collaborated with online retail platforms Flipkart and Myntra, meal delivery services Zomato and Swiggy, and supermarket players Zepto and Blinkit.
It also intends to expand its operations by hiring across technology and top-level jobs at a time when a few Indian businesses are laying off hundreds of employees to cut costs.
Zypp expects to be profitable within the next 12-18 months.
Zypp Electric, India’s Leading Tech-Enabled EV-as-a-Service Platform, was formed in 2017 with a Mission Zero Emission and to make India carbon-free by utilising an ecosystem of Electric Vehicles and EV-based technologies to make last mile logistics sustainable and emission-free.
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