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Exclusive: Zypp Electric raises $6.5 Mn in ongoing Series C

EntrackrEntrackr · 5m ago
Exclusive: Zypp Electric raises $6.5 Mn in ongoing Series C
Medial

Exclusive: Zypp Electric raises $6.5 Mn in ongoing Series C B2B delivery and shared mobility startup Zypp Electric is raising Rs 55.4 crore ($6.5 million) from 16 investors, which seems to be part of the ongoing Series C funding round for the Gurugram-based company. The board at Zypp Electric has passed a special resolution to issue 564 Series C2 CCPS at an issue price of Rs 9,83,005 each to raise Rs 55.4 crore, its regulatory filing accessed from the Registrar of Companies shows. Individuals including Ajay Kumar Aggarwal, Samir Goenka, Narinder Bajaj, Kapil Kriplani, Vega Industries, Gagan Khanna, Supersonic Carrier, Nirmal K Bathwal, and 10 other investors will cumulatively participate during the investment. According to Entrackr’s estimates, the company will be valued at around $335-350 million. This seems to be part of an ongoing round, and the valuation may vary with further injection. According to the company, it may raise up to $50 million in the Series C fundraise. In May last year, Zypp kicked off the new round with a $15 million tranche led by ENEOS. The company was backed by IAN Fund, 9 Unicorns (now 100 Unicorns), Anthill Ventures, Eiman Abdullah Mahfood Al Qatar, and others. Founded by Akash Gupta and Rashi Agrawal in 2017, Zypp Electric is an EV-as-a-service platform offering electric vehicle rentals along with delivery services through its e-scooter fleet for gig workers. The company claims to have around 22,000 active vehicles in its fleet, with 15,000 in Delhi NCR, 4,000 in Bengaluru, and 1,200 in Mumbai. Zypp Electric witnessed significant 2.6X growth, with its operating revenue crossing Rs 290 crore during the fiscal year ended March 2024. However, in pursuit of scale, the losses for the firm rose 2.2X to Rs 91 crore in the same period.

Zypp Electric reports Rs 303 Cr revenue in FY24 as losses rise 2.2X

EntrackrEntrackr · 9m ago
Zypp Electric reports Rs 303 Cr revenue in FY24 as losses rise 2.2X
Medial

B2B delivery and shared mobility startup Zypp Electric raised $14 million shortly after the end of FY24, driven by consistent growth fueled by the rise of quick commerce and food delivery. The Gurugram-based firm reported a 2.6X increase in scale, with total revenue surpassing Rs 300 crore during the fiscal year ending March 2024. Zypp Electric’s revenue from operations surged to Rs 293 crore in FY24, up from Rs 109 crore in FY23, according to its standalone financial statements accessed by Entrackr from the Registrar of Companies. Founded by Akash Gupta and Rashi Agrawal in 2017, Zypp Electric is an EV-as-a-service platform offering electric vehicle rentals along with delivery services through its e-scooter fleet for gig workers. The company claims to have around 22,000 active vehicles in its fleet, with 15,000 in Delhi NCR, 4,000 in Bengaluru, and 1,200 in Mumbai. Income from vehicle rentals and delivery services was the primary revenue source for Zypp Electric. The company has not disclosed a breakdown of its revenue for FY24. However, in FY23, 76% of revenue came from delivery services, with the remainder from vehicle rentals. It also offers advertising solutions on its scooters and helmets, though it appears this has not yet generated significant revenue for the firm. Reflecting its growth, Zypp Electric’s total expenditure surged 2.6X to Rs 394 crore in FY24, compared to Rs 152 crore in FY23. Employee benefits and rent-repairs rose by 2.1X and 3.9X, respectively, in FY24. Zypp Electric didn’t disclose a detailed breakdown of other expenses, listing Rs 274 crore under miscellaneous, which likely includes payments to riders, legal fees, advertising, and other operational expenses. FY23-FY24 FY23 FY24 EBITDA Margin -17.12% -19.47% Expense/₹ of Op Revenue ₹1.39 ₹1.34 ROCE -18.23% -100% In pursuit of growth, losses for the firm rose 2.27X to Rs 91 crore in FY24, up from Rs 40 crore in FY23. Its ROCE and EBITDA margin stood at -100% and -19.47%, respectively. On a per-unit basis, Zypp Electric spent Rs 1.34 to earn a rupee in the last fiscal year. To date, Zypp Electric has raised over $80 million, including $25 million led by Taiwanese EV maker Gogoro in February 2023. According to TheKredible, IAN Fund is the largest external stakeholder, followed by 9Unicorns and Anthill Ventures. Zypp Electric has raised over $80 million to date, including $25 million funding led by Taiwanese EV maker Gogoro in February 2023. According to the startup data intelligence platform TheKredible, IAN Fund is the largest external stakeholder followed by 9Unicorns and Anthill Ventures.

Exclusive: Okinawa secures $7 Mn from existing investor

EntrackrEntrackr · 23d ago
Exclusive: Okinawa secures $7 Mn from existing investor
Medial

Exclusive: Okinawa secures $7 Mn from existing investor Electric two-wheeler company Okinawa Autotech has secured Rs 60 crore (around $7 million) from existing investor Dhruv Khush Business Ventures. This funding comes at a critical time for Okinawa Electric, as the company grapples with declining revenues and a sharp drop in market share. The Okinawa’s board allotted 23,51,000 equity shares at an issue price of Rs 255.21 each per share to raise the aforementioned amount, according to its filing from the Registrar of Companies (RoC). According to Entrackr’s estimates, the company is currently valued at Rs 325 crore (around $38 million) post-allotment. Founded in 2015, Okinawa Autotech is an electric two-wheeler manufacturer that has launched eight models to date, including the PraisePro, iPraise+, Okhi-90, Ridge+, Lite, R30, and others. As per Vahan data, Okinawa has sold only 1,266 electric scooters so far in 2025, capturing a mere 0.23% market share. In contrast, industry leaders TVS Motor and Bajaj Auto dominate the electric two-wheeler (E2W) segment with market shares of 24% (1,33,227 units) and 23.8% (1,32,168 units), respectively. In the fiscal year ended March 2024, Okinawa’s revenue nosedived 87% to Rs 182 crore as compared to Rs 1,144 crore in FY23 while incurring a loss of Rs 52 crore during the same period. Once a prominent player in the market, Okinawa's sales saw a steep decline from 95,931 units in FY23 to just 20,873 units in FY24. Its market share also fell sharply from 13.17% to 2.20% over the same period. Okinawa has yet to disclose its FY25 financials. It competes with Ola Electric, which reported an operating revenue of Rs 4,514 crore in FY25, while another listed rival Ather Energy posted Rs 2,255 crore, marking a nearly 30% increase over the previous fiscal.

Exclusive: Ather Energy raises $34.5 Mn; co-founders invest over $10 Mn

EntrackrEntrackr · 1y ago
Exclusive: Ather Energy raises $34.5 Mn; co-founders invest over $10 Mn
Medial

Electric scooter maker Ather Energy has raised Rs 286 crore or $34.5 million through debt and equity. This is the first round of investment for the Bengaluru-based company this year. Stride Ventures invested Rs 200 crore via debentures while co-founders of the company Tarun Sanjay Mehta and Swapnil Babanlal Jain pumped in Rs 43.28 crore each via Series F preference shares, its regulatory filings accessed from the Registrar of Companies show. Ather Energy raised its second-largest funding worth Rs 900 crore ($108 million) from existing investors Hero MotoCorp and GIC through right issue in December last year. In the same month, Hero MotoCorp also acquired an additional 3% stake in Ather for Rs 140 crore (approximately $16.8 million). Recently, a media report said that Ather is in talks to raise $95 million in a pre IPO round. Another report added that Ather’s existing backer Sachin Bansal has sold a significant portion of his stake in the company to Zerodha’s co-founder Nikhil Kamath. As per TheKredible, Ather was valued at $750 million during the Series E round in May 2022. However, it has not disclosed its valuation since then. It’s likely to get unicorn status in the upcoming round. Ather has raised around $450 million to date. According to the startup data intelligence platform TheKredible, Hero MotoCorp is the largest external stakeholder followed by Sachin Bansal, Caladium Investment, and Tiger Global. Ather’s revenue from operations surged 4.36X to Rs 1,784 crore in FY23 while its losses spiked 2.5X to Rs 864.5 crore in the same period. The company is yet to file its financial results for FY24. Electric two-wheelers saw a 50% drop in overall sales in April when compared to March. Ather Energy, which sold 17,000 units in March, saw 4,000 units sold in April. Ola Electric sold over 33,000 units, contributing about 50% to the overall sales in the last month.

Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B

EntrackrEntrackr · 1m ago
Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B
Medial

Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B Electric mobility startup Kazam is raising Rs 51 crore (around $6 million) in its Series B round, led by Vertex Ventures, with participation from Avaana Capital and Chakra Growth Capital. The board at Kazam has passed a special resolution to issue 36,410 Series B compulsory convertible preference shares at an issue price of $165.06 each to raise the aforementioned sum, its regulatory filing sourced from the Registrar of Companies (RoC) shows. IFC VVSEA Co-Invest LP and Vertex Ventures SEA Fund, representing Vertex Ventures, will jointly invest $4.9 million, while Avaana Capital and Chakra Growth Capital will contribute $1.01 million and $0.9 million, respectively. According to Entrackr’s estimates, the company will be valued at around $51 million post-allotment. Kazam plans to deploy the funds towards business growth, expansion initiatives, and general corporate purposes. After this funding round, Vertex Ventures and IFC VVSEA Co-Invest together will hold a 22.89% stake, while Avaana Capital and Chakra Growth Capital will own 17.02% and 1.51% stakes, respectively. Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam is an EV charging software platform that develops smart and affordable charging networks. Its technology supports a wide variety of vehicles, including two-wheelers, commercial electric vehicles (CEVs), three-wheelers, and city buses. It claims to power over 25,000 charging points. The Bengaluru-based firm works with the likes of BigBasket, Zypp, Mahindra, Bajaj, Ather, TVS, Hero MotoCorp, and Ultraviolette. The company is yet to file its annual results for FY25. According to the startup data intelligence platform TheKredible, its revenue from operations surged 3.3X to Rs 12.19 crore during the fiscal year ended in March 2024 while its losses stood at Rs 10.2 crore in the same fiscal year.

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