Gurugram-based electric vehicle (EV) start-up Zypp Electric has raised $25 million in its Series B funding round led by the Taiwan-headquartered battery-swapping company Gogoro. 

Apart from Gogoro, multiple other investors like Goodyear Ventures, 9Unicorns, WFC, Venture Catalysts, LetsVenture, IAN, IVY Growth and Grip also took part in the funding round. 

The funds, which came through a mixture of equity and debt ($20 million in equity and $5 million in debt) will be utilised to expand its services in multiple cities across India. Additionally, the company is planning to improve its infrastructure and customer experience. 

Prior to this round, the company bagged $7 million in a round led  9Unicorns and Anthil Ventures. Since its inception in 2017, the company has raised $37.5 million (Rs 310 crore) in funding till now. 

Talking about the latest development, Akash Gupta, the chief operating officer (CEO), of Zypp said,  “Zypp closing Series B in the current funding environment marks a validation of our team’s hard work. We are  excited to partner with Gogoro as its partner of growth as our tech EV ecosystem becomes complete with their amazing battery swapping and EV offerings for the Indian market.”

“This funding round bolsters our confidence, team and technology efforts to expand at scale across many cities of India and then the world. We at Zypp look to deploy 200,000 vehicles with plans afoot to be the largest EV services company in the world to reach our Mission of Zero Emission. The impact that we’re creating in the lives of our driver partners is what brings sheer joy in our entire mission and we plan to make Zypp the most loved platform for delivery partners and our customers.”