The company, which is planning to enter new cities like Mumbai, Pune and Hyderabad is targeting a revenue of Rs 500 crore this year, up from Rs 125 crore last year.
The company plans to extend services to 30 cities in the country and expand its fleet size to 2-lakh e-scooters by 2025.
As part of the tie-up, Zypp will also provide delivery partners to Zomato for the last-mile deliveries in various cities across the country, Zypp said in a statement.
The round includes a $20 million equity round and a $5 million debt round for fleet expansion from global impact fund IIX and a large national bank.
The Gurugram-based start-up, which provides e-scooters for last-mile deliveries, is looking to expand to Mumbai, Pune, Jaipur, Hyderabad, Calcutta, Chennai, and Ahmedabad, among others. It is in the final stages of raising Series B funding of $25-30 million
The joint pilot will kick off in Delhi in December 2022; will cater to fleet operators to support last-mile fulfilment, e-commerce, and hyper-local deliveries.
Industry body data shows that in the last year, the number of EV finance players have grown from four to 13. And overall disbursements have grown 50% to Rs 1,000 crore with investments of Rs 1,000-2,000 crore including debt and equity.
The company aims to use debt as a new expansion funnel along with current leasing strategy as it plans to deploy 1.5 lakh e-scooters in India by 2025, the company said.
The company recently partnered with e-retail, food tech and grocery giants like SPAR Hypermarkets, Grofers and Bigbasket to electrify the last mile delivery.