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

EntrackrEntrackr · 1y 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 · 1y 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.

The Whole Truth raises $51 Mn in Series D funding

EntrackrEntrackr · 3d ago
The Whole Truth raises $51 Mn in Series D funding
Medial

The Whole Truth raises $51 Mn in Series D funding Clean-label health food brand The Whole Truth has raised about $51 million in a Series D funding round led by Sofina and Sauce.vc. The round comprises a mix of primary and secondary capital and saw participation from existing investors Peak XV Partners and Rainmatter Health, along with Ayra Ventures. Entrackr exclusively reported on the Series D funding last month. The fresh capital will be deployed to expand in-house manufacturing capacity, strengthen working capital, and build internal systems required for public market readiness. An ET report said the latest funding is the start of the company’s IPO journey, with profitability identified as the next key milestone. Founded by former Unilever executive Shashank Mehta, The Whole Truth focuses on clean-label packaged foods. Its product portfolio includes protein bars, protein powders, nut butters, and dark chocolates. Cofounder Rachna Aggarwal leads product development at the firm. Previously, the startup had raised $15 million in a Series C funding round led by Sofina in February last year, with participation from Z47, Peak XV Partners, and Sauce.vc. Since its Series C round in January 2025, the company claims to have grown threefold. Financially, The Whole Truth’s revenue from operations surged 232% to Rs 216 crore in FY25 from Rs 65 crore in FY24. During the same period, the company’s loss increased 17% to Rs 28 crore in FY25 from Rs 24 crore in FY24. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here.

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