Zypp Electric raises $15 million from Japanese firm ENEOS

29 May 2024 CW Team

Platform for EVs as services, Zypp Electric announced that Japanese company ENEOS had contributed $15 million to the company. As part of its continuing $50 million round, which consists of $40 million in equity and $10 million in debt, Series C fundraising includes a $15 million equity closing.

Akash Gupta, co-founder and CEO of Zypp Electric, stated that the new investment would assist Zypp in the last-mile delivery space by providing sustainable EV solutions. He expressed the company's eagerness to expand its fleet and enhance its tech platform, aiming for significant growth across India. Gupta mentioned that the funds would be allocated towards propelling the company towards the path of growth, including achieving earnings before interest, taxes, depreciation, and amortisation (EBITDA) profitability.

Additionally, Zypp Electric announced its entry into the three-wheeler cargo business. It stated its intention to soon surpass 1,000 electric L5 loaders in its EV fleet, emphasising its readiness to address a broader range of business requirements while maximising revenue streams, among other objectives.

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