Zypp Electric, an EV-based last-mile delivery service provider, has raised around $7 million in a Series A round co-led by 9Unicorns and Anthill Ventures.
The round also saw participation from Nanavati Family Office, We Founder Circle, Silicon Valley-based Riso Capital Fund, Dholakia Ventures along with existing investors Venture Catalysts, and IAN Fund.
Angel investors like Tarun Saraf of Warehouse Now, Rahul Khera of AWL logistics, Arjun Seth, and Mark Joseph also invested in the latest round.
With the fresh funding, Zypp has now raised $12.5 million so far.
Founded by Akash Gupta and Rashi Agarwal in 2017, the hyperlocal startup provides electric scooters on rent to its clients.
“The electric logistics vision is a $123 billion market in India and we can see multiple unicorns in this space,” Zypp CEO Gupta said.
The startup works with about 200 B2B grocery and other hyperlocal delivery companies in the country like Bigbasket, Amazon, Rapido, Flipkart, Spencers, Grofers, Citymall, and Dealshare.
It has over 2,000 EVs across regions such as Delhi-NCR, Bengaluru, Hyderabad, Mumbai, and Pune. It has also tied up with OEMs such as Hero Electric, Etrio, and Piaggio to procure the vehicles.
In March, Zypp partnered with mobility startup Rapido to include electric scooters in its fleet.
Last month, electric mobility platform MetroRide raised an undisclosed sum in a financing round led by a consortium of investors from Silicon Valley and India.
In July, lithium-ion battery-powered two-wheelers maker Hero Electric Vehicles Pvt Ltd raised Rs 220 crore ($29.5 million) in the first part of its Series B round of funding led by Gulf Islamic Investments, a UAE-based financial services firm.
Earlier this month, EV infrastructure platform Revos raised $4 million in a Series A funding round led by Prime Venture Partners and Union Square Ventures.