Gurgaon-based electric-two-wheeler-sharing start-up Zypp is set to receive Rs 15 crore investment from the Indian Angel Network (IAN).
Zypp, earlier known by the name Mobycy, was founded in 2017 by two management graduates — Akash Gupta, an MBA graduate from IMT Ghaziabad, and Shivraj Singh, an IIM Calcutta graduate — along with entrepreneur Rashi Aggarwal.
The workforce of the start-up now includes former executives from companies such as Snapdeal, Chayoos, Ecom, Airtel and Mobiwik.
The pre-Series A round led by IAN Fund also saw participation of prominent IAN members.
The fresh fund will help Zypp strengthen its fleet with an additional 5,000 e-scooters in the next few months.
“We are also looking to expand our geographical footprint across the National Capital Region, along with five other Indian cities, and then to Southeast Asia and Europe in the coming years. The plan is to have 20,000 scooters on the road by the end of 2020,” said Zypp co-founder Rashi Agarwal.
Zypp can boast to be India’s first fully electric, connected two-wheeler mobility company that delivers services related to last-mile connectivity, and delivery and enterprise commute through its fleet of Internet of Things-enabled e-scooters.
The users can access the company’s services to fulfill their daily micro-mobility needs within a range of 5 kilometres using the eponymous app, Zypp.
The mobile application unlocks the two-wheelers by scanning the QR code. This tech-driven facility allows users to park the e-scooters at various geo-fenced locations.
“If there is one word that perfectly describes modern-age cities, it is busy. People are busy with their lives, working professionals are busy commuting, the roads are busy with traffic, and the air with pollution.
Through Zypp, we aim to relieve the stress on professionals, their budget, roads and the air, all at once — thereby unlocking the freedom for millions.
Our mission is to offer the new-age working professionals affordable, convenient and eco-friendly connected and shared two-wheeler mobility solutions for urban commute. This is a first-of-its-kind fully electric venture in India,” said Akash Gupta, co-founder and CEO, Zypp.
The e-mobility space in India, worth $5.2 billion, is witnessing a huge change. Private and public players are collaborating to establish the required infrastructure and empower service providers in this space.
The government plans to invest $1.4 trillion in developing electric vehicle infrastructure in next five years.
“Zypp’s mission of bolstering the electric connected shared mobility space, focused on the last-mile connectivity in India, falls in line with the overarching vision of IAN Fund.
It is to lead India to become a major sustainability-led economy by empowering innovation-focused start-ups operating in new-age sectors such as cleantech, electric mobility, agritech, healthtech, advanced technologies, etc.
The brand’s disruptive value proposition, along with the founding team’s dedication and ambition, are what attracted us to invest in the enterprise.
"We wish them continued success,” said Padmaja Ruparel, founding partner, IAN Fund.Zypp also caters to B2B players such as e-commerce platforms and food delivery firms.