Zypp Electric raises $25M funding in Series B round led by Gogoro

Zypp Electric has announced raising series B funding of $25Mn led by Gogoro, a global technology leader in battery-swapping ecosystems. The funding round also witnessed participation from new and existing investors like Goodyear Ventures, 9Unicorns, WFC, Venture Catalysts, LetsVenture, IAN, Ivygrowth, Grip & other angels. The round is a mix of equity and debt funding, with the $20Mn equity round and $5Mn debt for fleet expansion from global impact fund IIX along with a large national bank participating the same. This is also the first time global impact funds and Indian banks are participating in EV Debt for any fleet operator or startup in the country. With the fresh funding, Zypp has now raised $37.5Mn ($30Mn in equity and $7.5Mn in debt or asset leasing) in total.

The company will utilize the funds across its operations as it looks to expand its fleet from 10,000 to 2 lakh electric scooters and widen its footprint to 30 Indian cities by December 2025. With the funding, Zypp will work on further improving its driver experience, expanding its EV hub infrastructure with Gogoro battery swapping, building sharp IOT & AI-enabled EV Fleet management technology, and growing its operations team by hiring across technology and top-level positions. Overall funding will be spent mainly on team & technology and the rest on growth & expansion across multiple markets & use cases.

Speaking about the fundraise, Akash Gupta, Co-founder & CEO, Zypp Electric said, “Zypp closing Series B in the current funding environment marks a validation of our team’s hardwork. We’re excited to partner with Gogoro as its partner of growth as our Tech EV ecosystem becomes complete with their amazing battery swapping & EV offerings for the Indian market. This funding round bolsters our confidence, team & technology efforts to expand at scale across many cities of India and then the world. We at Zypp look to deploy 200,000 vehicles with plans afoot to be the largest EV services company in the world to reach our Mission Zero Emission.”

Commenting on the investment, Horace Luke, Founder & CEO, Gogoro said, “Zypp Electric has taken a key leadership position in the sustainable transformation of India’s fleet and last-mile delivery industry, but the opportunity is immense, and with this new funding, it will be able to expand its capabilities and market impact. As a technology innovator and global leader in battery swapping, Gogoro is committed to advancing urban sustainable energy and transportation and supporting like-minded companies like Zypp Electric.”

Also Read – Gogoro’s plans for the Indian Market and current focus areas