Zypp Electric (Zypp), an EV-based last-mile delivery service provider, has raised around $7 million in a Series A round co-led by 9Unicorns and Anthill Ventures.

The round also witnessed participation from marquee family offices and early-stage funds; Nanavati Family Office, We Founder Circle, Silicon Valley-based Riso Capital Fund and Dholakia Ventures along with existing investors Venture Catalysts and IAN Fund.

A few angel investors like Tarun Saraf of Warehouse Now, Rahul Khera of AWL and Arjun Seth and Mark Joseph, both EV enthusiasts, also invested in the latest round. With this, the start-up has now raised $12.5 million so far, as investors bet on the Indian EV space.

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Co-founded by Akash Gupta and Rashi Agarwal in 2017, the hyperlocal start-up provides electric scooters on rent to its clients.

Expansion plans

Zypp would be using the fresh funds in rapidly scaling up the business over the next 12 months, in building an asset-light EV business with simple charging solutions, having a fintech model of EV onboarding and focusing on technology to utilise the fleet capacity so as to help generate better savings and earnings for delivery executives, it said. The company would continue to expand from 10 cities to 25 cities and grow its EV fleet to 100k EVs in the next few years.

Co-founder and CEO of Zypp Electric, Akash Gupta, said, “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.”

"We aim to make every delivery pollution free for our customers and also creating more savings for the delivery executives whom we call as Zypp pilots. We are thankful to all our incoming investors who have believed in us and our growth vision,” said Gupta.

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The company aims to transform last-mile delivery with right EVs, battery swapping infrastructure, IOT, and AI/ML platform while making it sustainable and affordable for businesses of all types including e-commerce, e-grocery, kiranas and large e-retail customers, it said.

The start-up works with about 200 B2B grocery and other hyperlocal delivery companies in the country like BigBasket, Amazon, Rapido, Flipkart, Spencers, Grofers, Citymall and Dealshare, among others. It has over 2,000 EVs across cities such as Delhi NCR, Bengaluru, Hyderabad, Mumbai and Pune. It has also tied up with OEMs such as Hero Electric, Etrio and Piaggio to procure the vehicles.

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