Zypp Electric Secures $15M from ENEOS in Series C, Valued at $270M

May 27, 2024, 09:18 AM

Gurgaon-based Indian electric vehicle startup Zypp Electric has secured $15 million in funding from Japanese energy firm ENEOS Corporation. The funding is part of Zypp Electric's ongoing Series C round, which aims to raise a total of $50 million, split into $40 million in equity and $10 million in debt. This investment values Zypp Electric at approximately Rs 2,200 crore (close to $270 million). The funds will be used to expand Zypp Electric's operations in India and Southeast Asia. Other investors in the Series C round include 9Unicorns, IAN Fund, Venture Catalysts India, and WFC. Zypp Electric operates as an EV-as-a-service platform.