EV Services Provider Zypp Electric Introduces Maiden ESOP


Electric mobility services provider Zypp Electric has introduced its first ESOP buyback, allocating Rs 1.5 crore to reward 15 employees who have been with the company for more than a year, as per a statement released by the company.

Akash Gupta, Co-founder, and CEO expressed, “We want our employees to realize the monetary value of ESOPs and understand this incredible wealth-creation tool. We plan to continue such initiatives in the future, as it is just the beginning. My dream is to make millionaires, and it is equally important for me to ensure my team members achieve prosperity as we lead the EV revolution.”

Currently, Zypp Electric has liquidated 20 per cent of its ESOPs, and they have extended ESOP benefits to Ramsevak, a long-term office helper. Sumit Raina, AGM of Business Development at Zypp Electric, appreciated the company’s move to reward loyalty and hard work, stating, “I am about to complete five years with Zypp Electric, and this liquidation was exciting for me.” Back in May, the company unveiled its ambitious plans to deploy two lakh electric vehicles in its fleet over the next three years. To support this growth, Zypp Electric aims to secure up to USD 300 million in funding within the next three to four years.

With operations mainly in Delhi-NCR and Bengaluru, the company intends to expand its services to other major cities such as Mumbai, Pune, and Hyderabad. Focused on the B2B segment, Zypp Electric serves ecommerce and food/grocery delivery giants like Swiggy, Zomato, Amazon, Myntra, Delhivery, and Pharmeasy. Originally established in 2017 as a bicycle rental platform, the company later expanded its services to include e-scooter rentals, with a specific focus on last-mile delivery.

In February 2023, Zypp Electric successfully raised USD 25 million in a Series B funding round, led by Gogoro, a Taiwan-based battery-swapping company. Various other investors, including Goodyear Ventures, 9Unicorns, IIX, and others, also participated in the equity and debt financing.

Categories: Knowledge Series, Other News

Tags: ,

Leave a ReplyCancel reply