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Zypp Electric, an EV-as-a-service platform, has raised $25 million in a Series B funding led by Gogoro, a battery-swapping company from Taiwan.
The funds will be used to increase its fleet size from 10,000 to 2,00,000 electric vehicles and for expansion to 30 cities in India by December 2025. The platform will also work to improve its driver experience, expand its EV hub infrastructure with Gogoro battery swapping, develop sharp IOT and AI-enabled EV fleet management technology, and grow its operations team by hiring across technology and top-level positions, according to the company.
“This funding round bolsters our confidence, team, and technology efforts to expand at scale across many cities in India and then the world,” said Akash Gupta, Co-Founder and CEO, Zypp Electric.
According to the company, the round is a mix of equity and debt funding, with $20 million in equity and $5 million in debt for fleet expansion from the Global Impact Fund IIX, along with a large national bank participating in the same.
Horace Luke, Founder and CEO, Gogoro said, “India’s fleet and last-mile delivery industry has an immense opportunity, and with this new funding, Zypp will be able to expand its capabilities and market impact. As a technology innovator in battery swapping, Gogoro is committed to advancing urban sustainable energy and transportation.”
The round also saw participation from new and existing investors, including Goodyear Ventures, 9Unicorns, WFC, Venture Catalysts, LetsVenture, IAN, Ivygrowth, Grip, etc.
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