Japanese petroleum company ENEOS Oil & Energy Asia has invested Rs 116 crore ($14 million) in the Series C round of B2B delivery and shared mobility startup Zypp Electric.
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Additionally, this is ENEOS’s first investment in a firm in India. Zypp is allocating 1,372 Series C forced convertible preference shares to ENEOS to raise the additional capital. This financial insertion appears to be a part of Zypp’s broader Series C financing, as reported by Inc42.
Zypp, which operates in Bengaluru, Hyderabad, Mumbai, and Delhi NCR, claims to have an electric fleet of more than 20,000 EV scooters. With its entry into the three-wheeler cargo market last year, Zypp Electric today boasts over 750 three-wheeler EVs. Inc42 was the first to report on the development
During the fiscal year that ends on March 31, 2024 (FY24), Zypp Electric reports that revenue increased three times. However, the company has not released the audited financial statements.
About Zypp Electric
Founded in 2017 by Akash Gupta, Rashi Agarwal, and Tushar Mehta, Zypp Electric is the top tech-enabled EV-as-a-service platform in India. Its goal is to use an ecosystem of electric vehicles to eliminate carbon emissions and make India carbon-neutral.
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