Zypp Electric, India’s leading tech-enabled EV-as-a-Service platform, has secured $14 million in funding from ENEOS, a prominent Japanese energy and resources company.
The funding will help Zypp Electric expand its two wheeler electric vehicle fleet and improve its charging infrastructure across major urban centers in India. It will also support the development of advanced EV technologies and infrastructure, enhancing the efficiency and reliability of last-mile deliveries.
The company currently operates in major cities like Delhi-NCR, Bangalore, and Hyderabad, and this investment will help it enter new markets. It will also promote using electric vehicles for last-mile delivery across these cities.
About Zypp Electric
Established in 2007, Zypp Electric operates an extensive fleet of over 16,000 IoT and AI-enabled electric scooters designed to efficiently and sustainably deliver groceries, medicines, food, and e-commerce packages. Zypp aims to deploy 200,000 electric vehicles by 2028 to significantly reduce urban pollution and combat climate change.
Zypp’s innovative business model focuses on reducing delivery costs and pollution through an asset-light approach, leveraging battery swapping stations strategically placed at key touchpoints.
About ENEOS
ENEOS Holdings Inc., headquartered in Tokyo, Japan, is a diversified energy, resources, and metals company with a strong presence in oil and natural gas exploration, refining, marketing, and renewable energy projects.
The company’s investment in Zypp Electric aligns with its broader global strategy to support sustainable energy solutions and green mobility initiatives in urban centers in India. This funding will also support the development of advanced EV technologies and infrastructure, enhancing the efficiency and reliability of last-mile deliveries.
