Zypp Electric in talks to raise $40M in funding from Tribe Capital: Report

Gurugram-based Zypp Electric, an Indian startup that offers an EV-as-a-service platform catering to e-commerce companies and gig workers, is reportedly in talks to raise $40 million in funding from Silicon Valley-based Tribe Capital, ET reported. 

If the deal goes through, Zypp Electric's market value could increase from $165-170 million to $300-350 million. Before this, the startup secured $5 million in debt financing from Taiwan's battery-swapping giant, Gogoro. So far, it has raised over $75 million in funding from investors, including IAN, WFC, Ivy Growth Associates, LetsVenture, 9Unicorns, and Grip Invest, among others.

Focused on expansion and technological innovation

The primary use of the anticipated funds is twofold: to broaden Zypp Electric’s operational footprint across new cities and to foster the development of innovative technologies. This strategic infusion of capital is poised to support the company's aggressive expansion strategy and its commitment to redefining the logistics of delivery services through electric mobility solutions. 

Partnerships with prominent companies

Zypp Electric collaborates extensively with a plethora of delivery platforms and bike taxi operators, including heavyweights like Amazon, Flipkart, Zomato, Blinkit, Swiggy, Zepto, Uber, and Rapido.

This wide network of partnerships underscores Zypp Electric’s pivotal role in integrating sustainable transportation solutions with the logistical demands of modern e-commerce and food delivery services.

Furthermore, the company's expansion into three-wheeler transport for e-commerce entities, alongside its dominant two-wheeler EV operations, illustrates its adaptable and comprehensive approach to electrifying urban logistics.