Grip Invest, a digital platform for facilitating new-age asset-backed investments, has raised $800K for Zypp Electric, India’s largest electric two-wheeler based delivery partner. The funds raised have been used to lease close to 750 Electric 2 Wheelers (e2Ws) to Zypp Electric, enabling the e-mobility startup to scale it’s fleet to 2,000 electric bikes within 18 months.
Highlighting the importance of this lease investment, Nikhil Aggarwal, Founder & CEO, Grip Invest, said, “Savvy founders are understanding the importance of different forms of capital to meet the different requirements of their business. Especially for mobility businesses, leasing can be an incredible enabler for growth. This is the decade for EV adoption and we are excited to already be working with 15 companies such as Zypp to lease electric vehicles and charging infrastructure.
Grip Invest is the first to provide asset leasing services to Zypp Electric and plans to help the latter in reducing capex costs and focus on enhancing its network. With 2,000 bikes, Zypp is India’s largest electric two-wheeler-based last-mile delivery partner for online and offline retailers like Amazon, Flipkart, BigBasket, Grofers, Delhivery, Dealshare, Spencers, Rapido and many more. On the back of bikes leased by Grip, Zypp has seen a 5x growth in monthly revenue.
Rashi Agarwal, Co-founder & CBO, Zypp Electric said, “Several global mobility companies have successfully leveraged equipment leasing model to scale their business operations and further become more agile by converting capex into opex. The asset financing approach makes us utilize the equity raised very efficiently and we were the 1st ones in the EV industry to start this almost 3 years back. We facilitate close to 10,000 deliveries in a day and are growing rapidly. By leasing assets through Grip facilitated investments, we hope to further expand our operations and go deeper into 30 Cities in the country while investing more in a seamless EV experience. Now we’re on a mission to go from 2000 to 100k EVs over the next few years”
The bikes leased by Grip and operated by Zypp have created job opportunities for 1000 people and help reduce 14340 tonnes of CO2 over the last 13 months.
Instead of being an alternative to Equity to Debt, options such as leasing act in a complimentary manner to enhance the returns for the company and all concerned stakeholders. Grip works closely with India’s largest Venture Capital and Venture Debt to offer these solutions to their portfolio companies.
Grip has facilitated leasing of assets worth more than INR 100 cr so far and enabled 40+ companies such as Udaan, Furlenco, Holisol, Everest Fleet, Loadshare, IPL Tech, ChargeZone, Vogo, FleetX, FabAlley, BlueTokai, etc to access a different channel of growth capital.