Grip Invest has raised $ 8,000,000 (about Rs 6 crore) for Zypp Electric, which will help the electric vehicle logistics company increase its fleet to 2,000 electric bicycles, a statement said on Tuesday. Zypp Electric, which serves as a last-mile delivery hub, has been leasing electric vehicles from Grip since June 2020.
The equipment leasing platform has facilitated the leasing of assets worth over Rs 100 crore so far and has provided more than 40 companies with access to a different source of capital growth.
Grip Invest plans to help Zypp reduce investment costs and focus on improving its network, he said.
âKnowledgeable founders understand the importance of different forms of capital to meet the different demands of their business. In particular for mobility companies, leasing can be a formidable catalyst for growth.
âThis is the decade of electric vehicle adoption and we are delighted to already be working with 15 companies such as Zypp to lease electric vehicles and charging infrastructure,â said Nikhil Aggarwal, Founder and CEO of Grip Invest.
The funds raised were used to rent nearly 750 electric bikes from the electric mobility startup to increase its fleet to 2,000 electric bikes in 18 months, the statement said.
Zypp caters to both online and offline retailers.
Several global mobility companies have successfully leveraged the equipment rental model to scale their business operations and become more agile by converting capital spending into operating expenses, said Rashi Agarwal, co-founder and chief commercial officer of Zypp Electric.
“The asset financing approach allows us to use the equity raised very efficiently. We were the first in the electric vehicle industry to start this almost three years ago,” Agarwal added. .
She said the company facilitates nearly 10,000 deliveries per day.
âBy leasing assets through the investments facilitated by Grip, we hope to further expand our operations and deepen our business in 30 cities across the country while investing more in a seamless EV experience. next few years, âshe said.
The bikes rented by Grip and operated by Zypp have created job opportunities for 1,000 people and helped reduce 14,340 tonnes of CO2 in the past 13 months, the statement said.
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