The EV logistics startup has appointed Axis Capital, SBI Capital Markets and DAM Capital as bankers as it works toward a public listing targeted for FY28.
Electric vehicle logistics startup Zypp Electric is preparing for a public market debut and is reportedly targeting an initial public offering (IPO) worth between $150 million and $200 million. The company has appointed Axis Capital, SBI Capital Markets, and DAM Capital to advise on the planned offering.
According to reports, the Gurugram-based firm is currently in the final stages of a pre-IPO fundraising round and aims to go public in FY28. Formal preparations for the IPO are expected to begin once the funding round is completed over the next few months.
Data from Tracxn shows Zypp Electric was valued at approximately $331 million in March 2025. The company is reportedly seeking to raise $40-50 million in fresh capital before listing, with the objective of significantly increasing its valuation. Since its inception, Zypp has secured around $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 Electric operates an EV-as-a-service platform that provides electric two-wheelers and cargo vehicles to delivery partners and e-commerce companies for last-mile logistics operations.
The company’s operating revenue rose to ₹437.9 crore in FY25 from ₹292.7 crore a year earlier. However, losses widened to ₹107.5 crore compared with ₹89.6 crore in FY24 as the company continued to invest in expansion.
Earlier this year, Zypp introduced a franchise-owned, company-operated fleet model, enabling individuals, family offices, institutional investors, and high-net-worth individuals to invest in electric vehicles managed by the company. The startup competes with players such as Yulu, Alt Mobility, and EVeez.
The planned IPO comes amid growing investor interest in India’s EV sector, which has witnessed a sharp increase in funding over the past decade as companies expand electric mobility and clean transportation solutions.
