Zypp raises $25 mn led by Taiwanese battery swapping platform Gogoro
The Indian EV-as-a-service platform Zypp Electric raised series B funding of $25 million led by Gogoro, a global tech leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities.
The funding round also witnessed participation from new and existing investors like Goodyear Ventures, 9Unicorns, WFC, Venture Catalysts, LetsVenture, IAN, Ivygrowth, Grip & other angels.
The round is a mix of equity and debt funding, with the $20 million equity round and $5 million debt for fleet expansion.
With the fresh funding, Zypp has now raised $37.5 million ($30 million in equity and $7.5 million in debt or asset leasing) in total.
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The company will utilize the funds across its operations as it looks to expand its fleet from 10,000 to 200,000 (2 Lakhs) electric scooters and widen its footprint to 30 Indian cities by December 2025.
Zypp will also work on further improving its driver experience, expanding its EV hub infrastructure with Gogoro battery swapping, building sharp IOT & AI-enabled EV Fleet management tech, and growing its operations team by hiring across technology and top-level positions.
Akash Gupta, co-founder & CEO, Zypp Electric: “Zypp closing Series B in the current funding environment marks a validation of our team’s hardwork. We’re excited to partner with Gogoro as its partner of growth as our Tech EV ecosystem becomes complete with their amazing battery swapping & EV offerings for the Indian market.”
Horace Luke, founder & CEO, Gogoro said, "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."
Sandeep Mahajan, MD, Goodyear India said, "Our Goodyear Ventures team is focused on investing in companies with a passion to advance mobility in a sustainable way and was impressed by the commitment of the Zypp team towards making this happen in India."
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