JUNE 20248TOP STORIESPETROCHEMICALS DRIVING INDIA'S CHEMICALS MARKET GROWTHZYPP ELECTRIC CONCLUDES SERIES C FUNDING ROUND WITH $15 MILLIONIndia's chemicals market, currently valued at USD 220 billion in 2023, is forecasted to soar to USD 383 billion by 2030, driven by an 8.1 percent anticipated compound annual growth rate (CAGR) from 2021 to 2030. This substantial growth positions India as the sixth largest market globally by chemical sales, which has been a magnet for foreign direct investment (FDI). From April 2000 to September 2023, the sector has attracted cumulative FDI inflows of $ 21.7 billion. This influx of investment is facilitated by the sector's allowance for 100 percent FDI under the automatic route, boosting investor confidence and supporting market expansion.The Petroleum, Chemical, and Petrochemical Investment Regions (PCPIRs) in India are expected to draw investments worth $ 420 billion, reflecting the sector's robust potential. Additionally, the establishment of seven Central Institutes of Petrochemicals Engineering & Technology (CIPET) and the Institute of Pesticide Formulation Technology (IPFT) is set to drive skill development, ensuring a skilled workforce to support industry growth. The chemicals sector's contribution to India's total exports stands at 12 percent, underscoring its global significance.Overall market output in the chemicals sector is anticipated to reach $ 143.3 billion by 2024, growing at a CAGR of 2.71 percent over the next five years. The output per enterprise is projected at $ 9.1 million. The number of enterprises operating in this market is expected to increase to 15,730 by 2024, with a CAGR of 4.70 percent from 2024 to 2029. This growth will result in a higher enterprise density of 11 enterprises per 100,000 population, highlighting the sector's expansion in both market value and enterprise numbers. Zypp 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.Akash Gupta, Co-founder & CEO of Zypp Electric, stated, "Securing $15 million in Series C1 funding is a pivotal moment & strong validation amid the current funding environment for Zypp Electric. This investment propels our mission to revolutionize last-mile delivery with sustainable EV solutions. We are eager to expand our fleet and enhance our tech platform, driving significant growth across India. Our commitment to reducing emissions and improving the lives of our driver partners and customers remains stronger than ever. These funds will be utilised to drive the company towards the full path of growth along with EBITDA profitability."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.
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