PE Fund Investments
EV fleet operator Zypp Electric raises $25-M led by Taiwan's EV maker Gogoro
Gurugram-based electric vehicle (EV) fleet operator Zypp Electric has raised USD 25 million in a funding round led by Taiwanese EV maker and battery-swapping company Gogoro. The round comprised USD 20 million in equity and USD 5 million in debt, which came from IIX (a global impact fund) and a bank in India. Goodyear Ventures, 9Unicorns, We Founder Circle (WFC), Venture Catalysts, LetsVenture, IAN, IVY Growth Associates, and Grip also participated in the funding round. Zypp will use the funds to hire more people, improve technology, expand business from Delhi-NCR and Bengaluru to about 30 cities and increase its fleet size from 10,000 to 200,000. Gogoro would help to expand Zypp's operations in Southeast Asia, the Middle East and Europe. Zypp Electric currently operates at an annualised run rate of USD 20 million. The company claims to be already profitable at the Ebitda level.
From the Venture Intelligence PE-VC Deal Database: Between Nov-2019 and Nov-2021, Zypp had raised less than USD 10 M from Z Nation Lab, Dholakia Ventures, Nanavati Family Office, RiSo Capital, Anthill Ventures, IAN Fund, RiSo Capital, IAN Fund, others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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