Gurugram-based micro-mobility start-up Zypp (formerly Mobycy), which is known for providing last-mile connectivity through its e-scooters, has raised Rs. 15 crore in a pre-Series A round of funding.
The investment was led by the Indian Angel Network (IAN), a network of individual investors who fund early age start-ups.
Here's everything to know about Zypp and its latest fund-raise.
Zypp focuses on strengthening last-mile connectivity
Zypp was started in August 2017 to offer an affordable solution for last-mile connectivity through its e-scooters.
It has a team of over 50 people and is led by Akash Gupta, an MBA from IMT Ghaziabad, IIMC alumnus Shivraj Singh, and Rashi Agarwal, a seasoned entrepreneur.
Notably, the company's e-scooters are IoT (Internet of Things) enabled and provide features like remote unlocking and geo-fencing.
Goal to relieve people's stress and save environment, says CEO
Discussing everyday life problems, Akash, CEO of Zypp, said, "People are busy with their lives, working professionals are busy commuting, the roads are busy with traffic, and the air with pollution."
He added, "Through Zypp, we aim to relieve the stress on professionals, their budget, roads, and the air - all at once, thereby unlocking freedom for millions."
Funds to be utilized for expanding e-scooter fleet
Talking about future plans, Rashi, the co-founder of Zypp, revealed that the company will use the funds to strengthen its fleet of e-scooters to 5,000 within next few months and 20,000 scooters by 2020-end.
She added, "We're also looking to expand our geographical footprint across NCR along with five other Indian cities, and then to Southeast Asia and Europe in the coming years."
And, here's a look at the previous investments
Prior to this, Zypp was reportedly in talks to raise $10 million in a Series A round. Other than that, it had raised an undisclosed amount from Venture Catalysts in November last year and $500,000 in seed round from a US-based investor in November 2017.