Amount Raised
$25 Million
Round Type
Funding Round
IndiaTransportationE CommerceAutomotiveLogisticsDescription
Zypp Electric has raised $25 million in a funding round led by Taiwanese EV maker and battery-swapping company Gogoro.The round comprises $20 million in equity funding and $5 million in debt, which came from global impact fund IIX and a large national bank in India.Goodyear Ventures, 9Unicorns, WFC, Venture Catalysts, LetsVenture, IAN, Ivygrowth, and Grip also participated in the funding round for the electric vehicle fleet operator.The funding from Gogoro is strategic in nature, which means the company will not only be using Gogoro's battery-swapping technology and vehicles on its fleet but would also look to expand Zypp's operations in regions like Southeast Asia, the Middle East and Europe, cofounder and CEO Akash Gupta told ET.“Gogoro also realizes that India is a large B2B opportunity as of now,” said Gupta. “And what we plan to do is to definitely help set up their swap stations in India because that goes hand in hand with our delivery business. If my driver wants 200-300 kilometres, only a swapping model can ensure there is no downtime. So, that is why we also realize that we need a swapping partner to scale,” he said.ET reported on December 5 that the rising EV two-wheeler sales in India is primarily being driven by demand from food delivery and e-commerce firms.Discover the stories of your interestBlockchain5 StoriesCyber-safety7 StoriesFintech9 StoriesE-comm9 StoriesML8 StoriesEdtech6 StoriesGogoro has also partnered with India’s biggest two-wheeler maker Hero MotoCorp to develop electric two-wheelers, but the collaboration – which also includes the establishment of a battery swapping network - does not restrict it from forging other partnerships or introducing its own products in India.Gurugram-based Zypp Electric has already deployed about 90-100 Gogoro vehicles as a part of a pilot, Gupta said
Quick answer
Zypp Electric raised $25 Million in a Funding Round round, dated February 8, 2023. Zypp Electric is based in India.
- How much did Zypp Electric raise?
- Zypp Electric raised $25 Million in a Funding Round round on February 8, 2023.
- What does Zypp Electric do?
- Zypp Electric is India’s Leading Tech-Enabled EV-as-a-Service platform, founded in 2017 with a Mission Zero-Emission and to make India carbon-free by using an ecosystem of Electric Vehicles and EV-based technology to..
- Where is Zypp Electric based and how big is it?
- Zypp Electric is based in India.
- Who are the decision-makers at Zypp Electric?
- Fundz holds 1 contact at Zypp Electric, including the Co-Founder & CEO. Names and contact details are shown to Fundz members.
Source: Fundz verified event record.
Who else raised in Transportation and E Commerce around the same time
Companies in the same sectors as Zypp Electric that raised within 45 days of this round, from Fundz verified event records.
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