By designing EVs specifically for LMD operations, companies can optimise their vehicles for the unique requirements of this market, including the need for efficient, low-cost transportation of goods over short distances
The round is a mix of $20Mn in equity and $5Mn in debt. With the fresh funding, Zypp has now raised total $37.5Mn ($30Mn in equity and $7.5Mn in debt or asset leasing)
Last year, the company conducted EV (Electric Vehicle) trials in India to test the vehicle technology and assess the vehicles’ operational effectiveness on a standard route fully loaded with packages
Given the growing demand, Zypp Electric also intends to roll out over 1.5 lakh electric scooters and expand its services to 15 Indian cities by the end of 2024.