Indian startup Zypp Electric is gearing up for a major expansion into Southeast Asia with the help of a fresh investment from Japanese oil and energy conglomerate ENEOS. The company, which currently operates in major Indian cities, plans to launch its EV rental service in at least one Southeast Asian market early next year.
With a recent funding round of $15 million led by ENEOS, Zypp Electric is looking to raise a total of $35 million to $40 million in its Series C round. The startup aims to be in 15 markets over the next two years, with Indonesia, Thailand, and the Philippines being potential targets for its expansion.
Co-founder and CEO Akash Gupta revealed that Zypp Electric is also in talks to enter the Middle East as part of its global expansion strategy. The company’s platform, which caters to e-commerce companies and gig workers, currently facilitates 5 million deliveries every month.
In addition to its electric two-wheelers, Zypp Electric has started offering electric three-wheelers in Delhi and Bengaluru, with plans to expand to Mumbai soon. The startup is focused on deepening its presence in existing markets while gradually expanding to new cities.
With a fleet of 22,000 electric two-wheelers, Zypp Electric aims to grow to 50,000 over the next year and eventually reach 200,000 electric two-wheelers in the next two and a half years. The company is on track to achieve profitability in the coming months, signaling a promising future for the innovative startup.