ZYPP Electric, Indian EV Startup Gets $25 Million Funding in Taiwanese Gogoro-Led Round

The Indian startup for electric vehicles Zypp Electric announced on Wednesday, 8 February 2023, that it had raised $25 million in a series B fundraising round, which was headed by Gogoro Inc. of Taiwan, a company that offers battery-swapping services.

The capital round is Gogoro’s most recent effort to grow in India, where EVs see widespread support. To that end, the company has worked with the state of Maharashtra and the nation’s leading motorcycle manufacturer, Hero MotoCorp.

Akash Gupta, CEO of ZYPP Electric, said, “Electric vehicles are what the entire (delivery) industry is looking forward to.”

The business, which provides EVs for last-mile delivery for online retailers, intends to use the money to expand to 30 Indian cities by 2025, up from its current six, and grow its fleet to 200,000 EVs from 10,000, including Chennai and Mumbai.

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. As a result, delivery companies in India are moving towards cleaner mobility.

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 Goodyear Tire & Rubber’s Goodyear Ventures, 9Unicorns, and WFC. In addition, Gogoro contributed about $12 million in equity, according to Zypp.

According to Gupta, Zypp is now worth almost six times as much as the roughly $30 million valuation it received in the last round. He also said that the company is generating $20 million in yearly recurring revenue and expanding by 20% to 25% month over month.

Since its launch in 2017, Zypp has collaborated with companies like supermarket players Zepto and Blinkit, meal delivery services Zomato and Swiggy, Flipkart, Myntra, and Zomato.

At a time when a few Indian businesses are firing hundreds of employees to cut costs, it also hopes to expand its operations by hiring for top-level positions in technology.

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