Gurugram-based EV startup Zypp Electric is on the expansion mode. It is planning to expand its EV rental service into Southeast Asia with the support of fresh investment from Japanese energy giant ENEOS. The expansion may take place early next year. The potential markets would be Indonesia, Thailand and the Philippines. Indonesia is the first to witnessed the expansion.
Zypp Electric co-founder and CEO Akash Gupta said they are aiming to enter 15 markets over the period of next two years. The new funding amounts to $15 million and it is a part of a larger Series C funding round that would be between $35 million to $40 million.
The startup currently operates in major Indian cities including Delhi, Bengaluru, Mumbai and Hyderabad. It offers an EV-as-a-service platform and basically serves e-commerce companies and gig workers. Users can rent its EV two-wheelers through a subscription model. The platform is now being used for about 5 million deliveries a month as it has partnered with tech giants like Amazon, BigBasket, DHL, Uber, Swiggy, Zepto and Zomato.
Zypp Electric is mainly focusing on expanding its fleet and simultaneously penetrating its presence in existing markets instead of spreading across new cities. It has also come up with EV three-wheelers in Delhi and Bengaluru. The same may be launched in Mumbai too. Currently, it 15,000 electric two-wheelers in Delhi, 5,000 in Bengaluru, 1,000 in Mumbai and 500 in Hyderabad.
Gupta said that they have plans to increase its fleet to 50,000 electric two-wheelers within the next year first and thereafter to 200,000 over the next two and a half years. He aims to launch in a new market every quarter.
