Zypp Electric (Zypp) secured $7 million funding in a Series A round sponsored by 9Unicorns and Anthill Ventures. The news comes as a statement from the company on the 28th of September. Zypp is a hyperlocal and last-mile logistics provider that solely utilizes electric cars to transport items.
Other companies that partook in the round include Nanavati Family Office, We Founder Circle, Silicon Valley-based Riso Capital Fund, Dholakia Ventures. There were previous investors such as Venture Catalysts and IAN Fund as well. Most of these are family offices and offered early-stage funds.
A few angel investors participated in the current round as well, including Tarun Saraf of Warehouse Now and Rahul Khera of AWL logistics. Other investors included Electric Vehicle (EV) enthusiasts Arjun Seth, and Mark Joseph.
What is Zypp Electric all about?
In 2017, Akash Gupta and Rashi Agarwal co-founded Zypp Electric. It is a logistics company that serves a variety of businesses. Its goal is to transform the same-day and hyperlocal delivery industry.
With perfect EVs, battery swapping infrastructure, IoT, and AI/ML platforms, Zypp wants to disrupt and alter the future of last-mile delivery. They want to make last-mile delivery sustainable and cheap for companies of all sizes: from eCommerce to eGrocery, ‘kiranas’ to major eRetail clients.
Akash Gupta, the co-founder of Zypp, commented:
“The electric logistics vision is a $123 billion market in India, and we can see multiple unicorns in this space. We, at Zypp, wish to be the first and the largest when it comes to electrifying logistics. With the largest customers in our belt, with the best team on board, and with the largest EV logistics fleet in the country, we aim to make every delivery pollution-free for our customers and also creating more savings for the delivery executives whom we call Zypp pilots.”
What does this funding mean for Zypp?
“We are thankful to all our incoming investors who have believed in us and our growth vision. I’d still say that we’re just getting started and still just scratching the surface of what the future entails in the EV logistics space, which we’re super excited and committed to solving,” Gupta said of the funding.
With the new financing, Zypp has now raised a total of $12.5 million. Zypp plans to use the new funds to scale up the business over the next 12 months rapidly.
It is going to focus on building an asset-light EV business with simple charging solutions, a fintech concept of EV onboarding, and a focus on technology to better utilize fleet capacity.
With these plans, Zypp aims to help delivery executives save money and earn more, Zypp plans to expand from ten to twenty-five cities in the next several years and increase its EV fleet to 100,000 vehicles. The company has made deals with OEMs such as Hero Electric, Etrio, and Piaggio to get the vehicles.
The Promising Future of EV in India
Dr. Apoorva Ranjan Sharma, co-founder of 9Unicorns and Venture Catalysts remarked, “The EV market in India is slated to be a $206 billion market by 2030 and the two-wheeler especially has a massive potential with a 100 percent FDI and different schemes rolled out by the Centre to make two-wheeler EVs affordable and increase the production. This is definitely going to give a major push to expand the industry and also increase sales.”
“Hence, we are proactively looking at the EV space at present and are optimistic about Zypp’s potential to be a Unicorn in this space,” he added.
Could Zypp be the next big thing in India’s cutthroat logistics competition? In an industry dominated by the likes of Amazon, Flipkart, Bigbasket, and many more, Zypp could very well emerge as a successful contender.
Let us know what you think in the comments.
