EV-based last mile delivery startup Zypp Electric raises $7 million1 min read . Updated: 28 Sep 2021, 04:52 PM IST
- The Series A round was co-led by 9Unicorns and Anthill Ventures
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MUMBAI : Zypp Electric, a hyperlocal and EV-based last-mile delivery startup, has raised around $7 million in a Series A round, co-led by 9Unicorns and Anthill Ventures, the company said in a statement on Tuesday.
The round also witnessed participation from family offices and early-stage funds; Nanavati Family Office, We Founder Circle, Silicon Valley based Riso Capital Fund, Dholakia Ventures along with existing investors Venture Catalysts and IAN Fund. Angel investors including Tarun Saraf of Warehouse Now, Rahul Khera of AWL logistics; Arjun Seth, Mark Joseph, both EV enthusiasts also invested in the latest round. With the fresh funding, Zypp has now raised $12.5 million so far.
Zypp Electric, co-founded by Akash Gupta and Rashi Agarwal in 2017, provides electric scooters on rent to its clients. Its vision is to Uberize and electrify same day and hyperlocal delivery space. Zypp aims to transform last mile delivery with right EVs, battery swapping infrastructure, IOT, and AI/ML platform while making it sustainable and affordable for businesses of all types including e-commerce, e-grocery and kiranas to large e-retail customers.
Zypp works with about 200 B2B grocery and other hyperlocal delivery companies in the country such as Bigbasket, Amazon, Rapido, Flipkart, Spencers, Grofers, Citymall, and Dealshare. The company has more than 2,000 electric vehicles across cities such as Delhi NCR, Bengaluru, Hyderabad, Mumbai and Pune.
The company plans to expand to 10,000 vehicles across 25 cities over the next 12 months. The company has tied up with OEMs such as Hero Electric, Etrio and Piaggio to procure the vehicles.
Co-founder and chief executive officer of Zypp Electric, Akash Gupta, said, “Zypp would be using the fresh funds to rapidly scale up the business over the next 12 months and in building an asset-light EV business with simple charging solutions, having a fintech model of EV on boarding and focusing on technology to utilize the fleet capacity so as to help generate better savings and earnings for delivery executives. Zypp would continue to expand from 10 cities to 25 cities and grow its EV fleet to 100,000 EVs in the next few years."
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