Zypp Electric gets $25M in funding. What’s the startup’s goal?
Zypp Electric is a promising Indian startup that recently received a $25 million investment. Taiwan’s blue-chip company, Gogoro, decided to fund the company’s project. Zypp Electric owns an EV-as-a-service platform. The latter offers services to mostly e-commerce firms and gig workers.
According to Zypp Electric, the plan is to expand its current fleet of 10,000 bikes to 200,000. It also wants to open branch offices in 30 cities across India by December 2025. The team will use the $25 million to achieve that goal. Two companies are partners, and this investment is further proof that Gogoro aims to continue extending its business in the Indian market.
Even though Zypp Electric is still a startup, it is already well-established. The company wants to electrify last-mile deliveries in India. It provides delivery and ride-sharing companies with electric two-wheeler fleets. Among the startup’s clients are food, grocery, e-commerce, and pharma delivery firms, including Flipkart, Swiggy, BigBasket, Zepto, JioMart, and so on.
Moreover, the company offers various additional services. For example, customers can ask for backup rider support, rider tracking, and a merchant panel. Multiple order support and API integration are also available.
According to Zypp Electric, gig delivery workers can rent its e-bikes for everyday use. The startup offers daily, weekly, and monthly subscriptions. Customers can choose the one that best suits their needs. Besides, this service comes with other benefits. After getting a subscription, workers will be able to use Zypp Electric’s app. The latter shows what needs delivering, along with the address and available bike. This application will help customers to maximize their earnings.
Startup co-founder and CEO Akash Gupta noted that currently, EV fleets make up 80% of the company’s revenue, with the gig worker offering taking the remaining 20%. But the team wants to increase that number.
Silicon Valley Bank continues to support innovative economy startups
Silicon Valley Bank announced on Thursday that Ashraf Hebela would take the post of the new Head of Technology and Healthcare Banking for North America. His predecessor was Dave Sabow. According to the company, Lewis Hower will lead Startup Banking, as well.
Silicon Valley Bank unites the most innovative investors and companies worldwide. Mike Descheneaux, President of Silicon Valley Bank, noted that it plans to continue supporting companies and startups across the innovation economy. Ashraf and Lewis will be instrumental in this endeavor. They both have the expertise to lead their teams, advise their clients on how to achieve success, and deliver financial solutions.
The company has a Technology and Healthcare Banking division. It creates industry partnerships and offers banking solutions through the latter. Moreover, Silicon Valley Bank provides leading market insights to promising and innovative companies across various sectors.
There is also a Startup Banking division that provides banking solutions, products, and advice. It mostly focuses on the technology, healthcare, and life science industries. Hower will have a team of 100 startup banking experts. Together, they will help companies with their banking needs and financial services. This division will also provide advice on fundraising, making partnerships, and setting companies up for success.
