India Digest: Zypp Electric, CoverSure raise funding

India Digest: Zypp Electric, CoverSure raise funding

Zypp fleet

Zypp Electric has secured about $14 million in its Series C funding round, while CoverSure has raised $4 million in its pre-series A funding round.

ENEOS injects $14m in Zypp Electric

B2B delivery and shared mobility startup Zypp Electric has secured about $15 million in its Series C funding round led by Japan-based petroleum firm ENEOS Corporation. The equity funding also saw participation from existing investors 9unicorns, IAN fund, venture catalysts, WFC & others, the startup said in a statement.

The Series C1 funding comprises $15 million in equity closure as part of its ongoing $50 million round which is split into $40 million equity and $10 million in debt, the statement added.

The funding proceeds will be utilized to expand Zypp’s fleet from 21,000 to 200,000 electric scooters and extend its services to 15 cities across India by 2026.

Zypp Electric had closed its Series B round at $25 million in a mix of equity and debt funding led by Taiwanese battery-swapping service provider and electric two-wheeler maker Gogoro in February last year. The company has raised $80 million to date.

Founded by Akash Gupta, Tushar Mehta, Rashi Agarwal in 2017, Zypp Electric’s platform aims to create an ecosystem of electric vehicles and EV-based technology to make last-mile logistics sustainable and emission-free. The company registered a revenue of Rs 325 crore in FY23-24 and launched operations in Mumbai and Hyderabad recently.

CoverSure raises $4m from Enam Holdings

CoverSure, a consumer-focused insurtech startup, has raised $4 million in its pre-Series A funding round led by Enam Holdings, per an announcement.

The company plans to use the funds to build a consumer-centric insurance engagement platform using data-intelligence and machine-learning capabilities. The investment will also support CoverSure’s growth and expansion across India, the startup said in a statement.

Founded in January 2023, CoverSure uses machine learning to enhance the insurance experience across health, life, motor, and travel segments in an integrated way, including claims assistance and other services. It constructs personalised insurance portfolios for individuals and families.

“Insurance problems of a family needs an unbiased approach to solve and to that extent we have built digital-solutions with an intuitive app-first approach. At CoverSure, we are navigating people through personalised risk management dynamically, streamlined policy management, family care etc while bridging protection gaps,” said Saurabh Vijayvergia, founder & CEO of CoverSure.

Edited by: Joymitra Rai

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