IAN Fund leads $2 mn seed round in shared mobility startup Zypp

IAN Fund leads $2 mn seed round in shared mobility startup Zypp
Photo Credit: VCCircle
14 Nov, 2019

Shared mobility startup Zypp, earlier known as Mobycy, has raised $2 million in a seed round led by IAN Fund. The Gurugram based startup will use the capital to grow its fleet of electric scooters to 5,000 over the next few months  and expand in the National Capital Region and five more cities. 

The company also plans to expand later to Southeast Asia and Europe and aims to have 20,000 e-scooters on the road by the end of next year, Zypp co-founder Rashi Agarwal said in a statement. 

Members from the Indian Angel Network also participated in the seed round, the statement said.

Founded in 2017, the company enables users to to fulfill their daily micro-mobility needs within a range of 5 kilometers using its app. The app helps unlock two-wheelers by scanning a QR code. This enables users to park the e-scooters at various geo-fenced locations, the company said. 

Zypp also caters to B2B players such as ecommerce platforms, food delivery companies, closed campuses that include hotels, resorts, townships, airports, corporate technology parks, and enterprises that are in need of last-mile mobility, among others.

The company uses e-scooters indigenously made by local manufacturers.

Agarwal, an entrepreneur and former executive with S&P Capital IQ, founded Zypp with Akash Gupta, who was previously the marketing head of digital wallet Mobikwik.

“Zypp’s mission of bolstering the electric connected shared mobility space focused on the last mile connectivity in India, falls in line with the overarching vision of IAN Fund,” IAN Fund founding partner Padmaja Ruparel said. 

Earlier this month, IAN Fund completed raising commitments for its maiden $53 million fund for early stage investments.