EV logistics startup Zypp Electric is targeting a $200 million IPO in FY28 to fund its next phase of growth.
The company plans to expand its EV fleet, deepen quick-commerce partnerships and enter new markets ahead of listing.
Zypp reported strong revenue growth in FY25 and is pursuing a pre-IPO fundraising round to strengthen its public market readiness.
EV logistics startup Zypp Electric is looking to raise up to $200 million through an initial public offering (IPO) and has appointed Axis Capital, SBI Capital Markets and DAM Capital as bankers, Mint reported.
The Gurugram-based company is currently closing a pre-IPO funding round and is targeting a stock market listing in FY28, the report said. The IPO is expected to be in the range of $150 to $200 million, with formal work set to begin once the pre-IPO round closes in the next two to three months.
1 June 2026
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Zypp was last valued at around $331 million as of March 2025, according to data from Tracxn. The publication had earlier reported that the company is looking to raise $40-50 million in a pre-IPO funding round, aiming to nearly double its valuation. To date, the company has raised $76.5 million from investors including Goodyear Ventures, Venture Catalysts, Indian Angel Network Fund, We Founder Circle, 100Unicorns and IVY Growth Associates.
Founded in 2017 by Akash Gupta and Rashi Agarwal, Zypp operates as an EV-as-a-service platform, providing electric scooters and loaders on rent to delivery executives and ecommerce companies for last-mile delivery. Its legal entity, Bycyshare Technologies, reported operating revenue of ₹437.9 crore in FY25, up from ₹292.7 crore in FY24. Losses widened to ₹107.5 crore from ₹89.6 crore over the same period.
In 2025, the company rolled out 500 electric scooters under a franchise-owned, company-operated model, allowing individuals, high-net-worth investors, family offices and institutions to invest in Zypp-approved EVs while the company manages fleet operations and maintenance. It competes with Yulu, Alt Mobility and EVeez.
Broader EV Market
Notably, the total funding in India's EV sector rose from $40.6 million in 2017 to $1.67 billion in 2025, with investments reaching $418 million in 2026, according to Tracxn.
Earlier this month, Ola Electric Mobility raised around ₹780 crore through a qualified institutional placement, exceeding its earlier target of ₹500 crore. Rival Ather Energy is separately in discussions with investment bankers to raise approximately ₹2,500 crore through a QIP expected to launch in July, according to reports.
