Zypp Electric Plans to Expand EV Rental Service to Southeast Asia
Introduction
Zypp Electric, an Indian startup, is gearing up for expansion into Southeast Asia with fresh investment from ENEOS, a Japanese oil and energy conglomerate. The company aims to bring its EV rental service to 15 markets over the next two years, starting with a pilot launch in a Southeast Asian market early next year.
Expansion Plans in Southeast Asia
- Zypp Electric plans to launch in at least one Southeast Asian market early next year
- Potential markets include Indonesia, Thailand, and the Philippines
- Indonesia will be the first market targeted due to its two-wheeler-centric nature and high volume of deliveries
Global Expansion
- Zypp Electric is also in talks to enter the Middle East market
- Details of the Middle Eastern launch are still under discussion
Current Operations
- The startup currently operates in major Indian cities like Delhi, Bengaluru, Mumbai, and Hyderabad
- Offers an EV-as-a-service platform catering to e-commerce companies and gig workers
- Gig economy workers make up about 28% of Zypp's revenue
Fleet Expansion
- Zypp Electric aims to grow its fleet of electric two-wheelers from 22,000 to 50,000 over the next year
- Plans to expand further to a fleet of 200,000 electric two-wheelers in the next two and a half years
Financials
- The startup is already operationally profitable
- On track to become EBITA positive in six to eight months and achieve profit after taxes in 12 to 14 months
Recent Funding
- Latest funding round amounted to $15 million led by ENEOS
- Part of Zypp Electric's Series C round, projected to be between $35 million to $40 million
- Previous funding round led by Taiwan's Gogoro, with key backers including Goodyear Ventures, Google for Startups, and Shell E4
Conclusion
Zypp Electric's expansion plans into Southeast Asia and the Middle East, coupled with its focus on fleet expansion and financial sustainability, position the startup for continued growth in the electric vehicle rental market.
