Led · Series C · May 2024

Zypp Electric operates an EV-as-a-service platform combining a rental fleet of electric two-wheelers with an app and software that provides data and analytics for fleet and delivery management. Its platform is used to make about 5 million deliveries per month and serves customers including Amazon, BigBasket, DHL, Uber, Swiggy, Zepto and Zomato. Gig-economy workers who rent e-bikes via daily, weekly or monthly subscriptions account for roughly 28% of Zypp’s revenue; electric three-wheelers contribute about 10% of revenue. The company currently operates roughly 22,000 electric two-wheelers (15,000 in Delhi, 5,000 in Bengaluru, 1,000 in Mumbai and 500 in Hyderabad) and plans to grow to 50,000 in the next year and 200,000 over the next two and a half years. Zypp plans international expansion, targeting a pilot launch in at least one Southeast Asian market (Indonesia, Thailand or the Philippines) early next year and aims to be in 15 markets over the next two years. The startup has shifted to deepening presence in existing cities rather than minimal new-city launches and has begun offering electric three-wheelers in Delhi and Bengaluru with expansion to Mumbai soon. Zypp says it is already operationally profitable and expects to be EBITA positive in six to eight months and profitable after taxes in 12 to 14 months. Zypp Electric provides EV-as-a-Service for last-mile logistics and shared mobility, leveraging electric scooters and related EV technology for B2B delivery and driver rentals. The company partners with large delivery platforms and reports over 10,000 gig workers using its ecosystem. Zypp says it has powered about 15 million deliveries and saved roughly 33 million kg of CO2 to date. It plans to scale its fleet from 10,000 to 200,000 electric vehicles and expand into 30 cities over the next three years. Proceeds will also be used to improve driver experience, infrastructure, fleet management and hiring. In FY22, Zypp’s revenue from operations rose to Rs 21.5 crore (from Rs 4.76 crore in FY21) while losses increased to Rs 15.3 crore (from Rs 6.81 crore in FY21).

Participated · Equity · May 2024

Glydways builds autonomous electric Glydcars that operate on a two-metre-wide dedicated guideway called the Flow Network, designed to move up to 10,000 people per hour through lanes narrower than a parking space. The company says its system can be built at up to 90% lower cost than traditional rail while matching capacity, and emphasizes closed infrastructure to avoid safety issues tied to open-road autonomous vehicles. Founded in 2016 by Mark Seeger, Glydways is working on more than 20 projects globally and has begun construction on a public system in South Metro Atlanta. It has agreements for pilots in the UAE and plans additional pilots in the New York City area, with wider expansion planned for 2027. Glydways employs about 270 people and plans to double headcount over the next two years as it scales deployments.

Participated · Series B · Jan 2022

Ubiquitous Energy is a Redwood City, California company that produces UE Power™, a patented transparent solar photovoltaic glass coating that generates electricity while maintaining visible transparency. The company’s technology is intended for architectural glass to provide on-board power, smart functionality, or to offset building energy consumption. Ubiquitous Energy has completed multiple installations, including projects with ENEOS and NSG in Japan, an installation in Colorado, and a Michigan State University deployment. The company is directing resources toward research and development, manufacturing, and product deployment as it ramps toward commercialization. It has begun site selection for its first high-volume manufacturing line in the U.S. and claims broad adoption of its technology could offset up to an estimated 10% of global CO2 emissions from buildings. Founded in 2011 by scientists and engineers from MIT and MSU, the company has raised capital to support its commercialization plans. Ubiquitous Energy is a leader in transparent photovoltaics, commercializing its UE Power™ technology — a thin, truly transparent solar coating that harvests solar energy and serves as an invisible onboard electricity source for windows and other surfaces. The coating can be applied to window glass to provide electricity generation and energy efficiency without altering visible appearance. The company was originally spun out of MIT and is producing its highly transparent solar cells and windows in a production facility in Silicon Valley. Ubiquitous Energy plans to bring its UE Power window products to market in the U.S. and internationally and is advancing go-to-market and production efforts. The company emphasizes integrating solar technology into everyday products to reduce carbon footprint without aesthetic compromise. Its recent strategic investment from ENEOS is intended to support these commercialization and production activities.

Participated · Series C · Aug 2021

Ample develops above-ground battery swapping stations and modular battery packs that can be exchanged in about 10 minutes, enabling a gas-station-like refueling experience for electric vehicles. Customers pay for power on a subscription basis, and Ample says the service can already be roughly 20% cheaper than gasoline. The company currently operates 12 swapping stations in the San Francisco Bay Area, largely serving Uber rideshare vehicles. Ample is integrated with seven automakers (unnamed in the article) and says OEM announcements may be forthcoming. Expansion plans cited by the CEO include domestic launches in Los Angeles and New York City (and possible deployments in Houston, Chicago, and Miami) as well as international plans in Madrid and Kyoto. The company is investing in manufacturing capacity at its Brisbane, Calif. module plant to meet growing demand. Ample develops modular battery packs and automated swapping stations that allow EVs to replace depleted batteries instead of waiting to charge. The company focuses on fleet customers—early partnerships with Uber and EV rental firm Sally target commercial fleets in multiple U.S. cities and planned expansion to Europe. Ample says swapping speeds reduce downtime for fleets and can also help individual consumers who lack reliable overnight charging. The startup is San Francisco-based and had a PitchBook valuation of about $890 million in August. It has raised about $260 million to date and will use the new funding to scale production, deployment and support functions as it expands geographically. Ample plans to expand into Europe next year and aims to deploy tens of thousands of vehicles in the near future. Ample operates a modular battery-swapping service that lets cars equipped with removable battery packs drive into automated pods to swap depleted batteries for fully charged ones. Swapped batteries are recharged in the pod network and returned to other vehicles, which Ample says reduces battery waste and vehicle weight. The company is currently focused on fleets, operating five swapping stations in the Bay Area for participating Uber drivers and partnering with Sally for rentals and last-mile deliveries in New York City. Ample says it has validated its approach with 10 different car models and is working with five OEMs to ease vehicle integration. The startup sees consumer use cases (for example, apartment dwellers without charging access) and reports strong interest from governments and fleets as it plans to scale into new cities. Financially, Ample has just raised a $160 million Series C and says its total funding now stands at $230 million. Ample is a San Francisco-based startup co-founded by Khaled Hassounah and John de Souza that builds an energy-delivery platform for electric vehicles. The company uses autonomous robotics and smart-battery technology to deliver a full charge to any electric car in minutes as an alternative to traditional charging. Ample describes its platform as economical, rapidly deployable, and widely accessible to enable EV ownership regardless of driving needs, economic means, or geographic location. The company says it intends to deploy its technology in multiple locations over the coming months. Ample aims to support light- and medium-duty EV sectors and to integrate solutions with existing retail fueling and power networks. The article does not disclose operating metrics or revenues but notes the recent financing to support deployments.