Zypp Electric eyeing $25-30 million more as part of ongoing round
Electric vehicle fleet management firm Zypp Electric is in advanced discussions to raise an additional $25-30 million from investors with led by asset management firm Nuvama Wealth, as a part of an ongoing funding round, people in the know said.
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The round is also seeing participation from Silicon Valley investor Tribe Capital, a development which ET had reported in April last year. The following month, Zypp Electric had raised $15 million as a part of the same round, led by Japanese energy firm Eneos, valuing the firm at anywhere between $250 million and $260 million.
“The company is gearing up for its initial public offering over the next year or so… and it has started onboarding domestic investors,” one of the persons cited earlier said. “Other than Nuvama Wealth, prominent stock market names and HNIs (high networth individuals) are also likely to join the round.”
Zypp Electric declined to comment. An email query to Nuvama Wealth remained unanswered.
The company has been one of the beneficiaries of India’s fast-growing quick commerce sector. It works with companies such as Swiggy, Zomato and Zepto, providing delivery riders and electric two-wheelers.
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