Bengaluru/Mumbai, June 23 -- EV logistics startup Zypp Electric is seeking to raise as much as $200 million through an initial public offering and has appointed Axis Capital, SBI Capital Markets and DAM Capital, three people familiar with the matter said. The Gurugram-based company is currently closing a pre-IPO funding round and is likely to target a stock market listing in FY28, the people said. "The issue is likely to be in the range of $150-200 million and the work will start once the company closes the funding round," one of the people said, adding that Zypp has seen "good growth" over the last year. All the people spoke on the condition of anonymity. Zypp and DAM Capital declined to comment, while Axis Capital and SBI Capital Markets did not respond to Mint's requests for comment till the time of publishing. The broader Indian EV ecosystem is also witnessing strong momentum, with companies including Ather Energy, BluSmart, Statiq and Euler Motors expanding their presence. Total funding in the sector rose from $40.6 million in 2017 to $1.67 billion in 2025, while investments reached $418 million in 2026, according to Tracxn. Earlier this week, Mint reported that the company is looking to raise $40-50 million in a pre-IPO funding round, aiming to nearly double its valuation. The round is expected to close over the next two to three months, according to the report, which cited people familiar with the matter. Zypp was last valued at about $331 million as of March 2025, according to Tracxn data. To date, the company has raised $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, the EV-as-a-service startup provides electric scooters and loaders on rent to delivery executives and ecommerce companies for zero-emission last-mile delivery. It competes with players such as Yulu, Alt Mobility and EVeez. In 2025, Zypp rolled out 500 electric scooters under its franchise-owned, company-operated (FOCO) model. Under the FOCO model, individuals, high-net-worth investors (HNIs), family offices and institutions can invest in Zypp-approved EVs, while the company manages deployment, operations and maintenance of the fleet. Bycyshare Technologies Pvt. Ltd, which operates Zypp, reported operating revenue of Rs.437.9 crore in FY25, up from Rs.292.7 crore a year earlier. Its losses widened to Rs.107.5 crore in FY25 from Rs.89.6 crore in FY24. Investor appetite for listed EV companies has also remained robust....