Zypp Electric Appoints Bankers for Up to $200 Million IPO

The Gurugram-based EV logistics startup Zypp Electric is taking steps towards a public listing by appointing Axis Capital, SBI Capital Markets and DAM Capital as bankers for its proposed initial public offering. 

Pre-IPO Process Underway 

The proposed IPO is expected to raise $150 million to $200 million. Before launching the issue, Zypp is completing a pre-IPO funding round, with formal IPO preparations likely to begin once the exercise concludes over the 2-3 months. The company is targeting a stock market listing in FY28. 

An earlier report indicated that Zypp was looking to raise $40 million to $50 million through the pre-IPO round in an effort to nearly double its valuation.  

According to Tracxn, the startup was valued at around $331 million in March 2025. 

Funding and Financials 

To date, Zypp 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, the company operates as an EV-as-a-service platform, renting electric scooters and loaders to delivery executives and ecommerce companies for last-mile delivery. Its legal entity is Bycyshare Technologies. 

In FY25, operating revenue rose to ₹437.9 crore from ₹292.7 crore in FY24, while losses widened to ₹107.5 crore from ₹89.6 crore. 

Fleet Expansion and Competition 

During 2025, Zypp rolled out 500 electric scooters under a franchise-owned, company-operated model.  

The arrangement allows individuals, high-net-worth investors, family offices and institutions to invest in Zypp-approved EVs, while the company oversees fleet operations and maintenance. 

Zypp competes with Yulu, Alt Mobility and EVeez. 

Read More: SEBI Grants IPO Approval for Bombay Coated, Bonfiglioli, and Swaraj Green Power! 

Conclusion 

Zypp Electric has appointed bankers for its proposed IPO, is closing a pre-IPO funding round, targets an FY28 listing, and continues to expand its EV-as-a-service business while reporting ₹437.9 crore in FY25 operating revenue. 

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