Odysse Secures Deal to Deliver 40,000 EVs to Zypp in Strategic Investment Move

City-based electric two-wheeler maker Odysse Electric on Monday said it has secured an order for 40,000 vehicles from EV-as-a-Service platform Zypp Electric as part of an investment deal. Zypp's investment is expected to bolster Odysse Electric's B2B market presence and support the expansion of its dealership network nationwide, the company said without disclosing the nature or quantum of investment. The 40,000 electric vehicles are to be supplied over the period of the next three years, Odysse said.

"The new investment in Odysse Electric signifies a pivotal moment. Zypp Electric's deep industry expertise and vision of fleet electrification will significantly accelerate our nationwide expansion plans underscoring the robust B2B and consumer demand for electric vehicles," said Nemin Vora, CEO, Odysse Electric.

By increasing production and enhancing distribution capabilities, Odysse aims to increase its production capacity to meet the rising demand for clean and efficient mobility and delivery options in personal space as well as booming last-mile delivery space in both urban and rural areas, the company said.

Set up in 2020, Odysse Electric's product portfolio comprises seven e-two-wheeler models which include low and high-speed scooters, delivery scooters targeted to the B2B segment, an EV sports bike, and a commuter bike for daily users.

"Zypp wishes to deploy 2,00,000 EVs in the market over the next 2-3 years to decarbonize last mile delivery... Odysse's commitment to a better quality of EVs and ability to customize to Zypp's long-term requirements aligns with our principles," said Akash Gupta, Co-founder and CEO, Zypp Electric.