Zypp Electric announced a $25 million series B fundraising round spearheaded by Taiwanese battery-swapping service provider Gogoro, as the Indian EV startup seeks to expand to new locations and increase fleet size.
Chennai: 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.
Gogoro has teamed with the country’s top bikemaker Hero MotoCorp and the state of Maharashtra in its latest move to expand in India, where EVs are garnering popular support.
What CEO of Zypp electric says?
According to Akash Gupta, CEO of Zypp, “the entire (delivery) sector is looking forward to electric vehicles.”
The startup, which offers EVs for last-mile delivery for online stores, intends to use the funding to grow its fleet to 200,000 EVs from 10,000 now, and to extend to 30 Indian cities, including Chennai and Mumbai, by 2025, up from six now.
Amazon and Flipkart Demands
Amazon wants to have 10,000 electric vehicles (EVs) available for delivery by 2025, and Walmart’s Flipkart wants to have 25,000 EVs available by 2030. Delivery companies in India are moving toward cleaner mobility.
Supporters of Zypp Electric Funding
The investment round, which included $20 million in equity and $5 million in debt, was supported by a number of new and seasoned investors, including WFC, Goodyear Tire & Rubber’s Goodyear Ventures, and 9Unicorns. According to Zypp, Gogoro contributed about $12 million in equity.
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