9JUNE 2024ZYPP ELECTRIC CONCLUDES SERIES C FUNDING ROUND WITH $15 MILLIONNTPC PROPOSES POOLING ENTIRE CAPACITY FOR SUPPLY TO DISCOMSZypp Electric, India's leading tech-enabled EV-as-a-service platform, has announced the successful kick-off of its Series C funding round, raising $15 million. This round was led by Japanese major ENEOS. The Series C1 funding comprises $15 million in equity closure as part of its ongoing $50m round, split into $40m equity and $10m in debt.The equity funding saw participation from prominent investors, including ENEOS, along with participation from existing investors 9unicorns, IAN fund, venture catalysts, WFC & others.The Series C funds will be utilized to expand Zypp's fleet from 21,000 to 200k electric scooters and extend its services to 15 cities across India by 2026.Zypp Electric registered a revenue of INR 325CR in FY23-24 and launched operations in Mumbai and Hyderabad recently. Zypp Electric has done 50 million+ shipment deliveries via electric vehicles from Jan'23 to Mar'24 period which equates to growing 76 Lakh trees on the planet Earth. The company's environmentally friendly initiatives have led to a significant reduction of 31 million kilograms of carbon emissions since the start of its operations.Zypp Electric has forayed into the three-wheeler cargo business and will soon cross 1000 electric L5 loaders in its EV fleet. Zypp Electric is poised to cater to a wider range of business needs while maximising revenue streams and branding options on the E3W open for advertising. Zypp's key partners include BigBasket, Zepto, Flipkart, Myntra, Zomato, Swiggy, Blinkit, Uber, Porter, Rapido, 1MG, Delhivery, and Blue Dart. State-owned NTPC has kept in touch with the power ministry proposing pooling of its "entire capacity" available to be purchased of capacity to distribution organizations, as per individuals mindful of the turn of events. Whenever supported, the proposed move could ease supply and tasks as the organization would have the option to offer capacity to a discom from any station and not confine it to organize insightful units, individuals acquainted with the matter said.The power purchase arrangements (PPAs) with some discoms are endorsed in phases of charging and each stage is a different substance for levy and planning purposes. According to the organization the ongoing plan limits functional adaptability and frequently influences power accessibility for discoms in the event of constrained blackouts and breakdowns of a station."Discoms/states will get a steady supply of power even in the case of shutdown of units......," the company said in a letter to the ministry, people familiar with the matter said.It likewise becomes challenging to work when a discom plans a power station underneath the technical least during off-peak hours. "The request is for all stations to be pooled. It is a proposal the Central Electricity Authority is examining," one of the persons said.In a central generation company like NTPC, power is designated to dissemination organizations by the public authority after which a power buy understanding is endorsed between them. The Central Electricity Authority, the preparation and warning body under the power service, has been approached to evaluate the effect of the move that will welcome on the power duty for distribution companies.
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