Thursday, October 6, 2022
HomeInsightFunding Alert Zypp Electric Raises $1 mn From Northern Arc

[Funding alert] Zypp Electric Raises $1 mn From Northern Arc

[Funding alert] Zypp Electric Raises $1 mn From Northern Arc
Zypp Electric

Zypp Electric, a hyperlocal and EV-based last-mile delivery startup, has raised $ 1 million in debt funding round from Northern Arc.

The startup plans to use this to expand its EV fleet services as it looks to deploy 1.5 lakh e-scooters in the country over the next three years.

Founded in 2017 by Akash Gupta and Rashi Agarwal, Gurugram-based Zypp is working with an e-scooter sharing app to convert all deliveries to electric for e-commerce, grocery, medicine and food verticals.

The startup aims to enable last-mile delivery with the right EVs, battery swapping infrastructure, IoT and AI/ML platform making large e-retail customers sustainable and affordable for all types of businesses including e-commerce and e-kiranas.

The company said Zypp is growing its user base on Zypp Rentals by 300 percent month-on-month and plans to expand and invest in more scooters under its fleet.

“Zypp turning profitable is proof that it is on the right path and utilising its resources efficiently in the right direction. The best part is that we have achieved the EBITDA positive milestone along with a 5x revenue growth in this FY compared to the last FY”, said, Akash Gupta, Co-Founder, and CEO, Zypp Electric.

“We believe that as a growing startup, this is a clear sign of strong foundational values and the future potential of our business model. Further, Northern Arc is a highly respectable financial services platform and an NBFC, with USD 1 million debt raised from them, we’ve added another level of growth at much better IRRs as we accelerate closer to our vision of 100 percent EVs in the last mile in the country,” he added.

The company claimed in the statement that Zypp, through its continuous efforts to invest and strategize towards Mission Zero Emissions, has become the first EV logistics player to turn EBITDA positive business.

“We are delighted to partner with Zypp Electric in their mission to make last-mile logistics emission-free by using the ecosystem of EVs and EV-based technology. It aligns well with our focus on supporting businesses that accelerate the adoption of sustainable energy”, said, Bama Balakrishnan, COO, Northern Arc Capital.

About Zypp Electric

India’s leading B2B Delivery and shared mobility app | Zypp is working to convert all deliveries for e-commerce, grocery, medicine, and food verticals to go electric with an e-scooter sharing app. Making last-mile delivery more affordable, time-saving, and with zero emission.

They have electric scooters, and electric loaders to serve businesses working in grocery, food, medicine, and essential goods. Funded by IAN Fund and Venture Catalysts, Zypp is scaling up with a mission to convert all last-mile deliveries to go electric.

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