Zypp Electric, the EV Shared Mobility platform expects its turnover to jump more than five times to around ₹25 crores during this fiscal year. In September this year, the Gurugram-based startup raised $7 million in a Series A round funding indicating that investors are betting big on the Indian EV industry.
Zypp Electric was launched in 2017 to make India carbon-free by utilising an ecosystem of electric vehicles and EV-based technologies to make last-mile sustainable and emission-free. Zypp Electric’s business focus is to provide carbon-free last-mile delivery for local businesses, e-commerce giants, and delivery executives on an asset-light basis, lowering delivery costs and emissions.
The company currently works with grocery, medicines, food, and e-commerce players and other quick commerce companies in India, including Bigbasket, Grofers, Amazon, Rapido, Flipkart, Spencers, Citymall, Deal share, and many more, in cities such as Delhi NCR, Bangalore, Hyderabad, Mumbai, and Pune.
The Company currently has 5000 EVs in Delhi/NCR region and plans to expand to 100,000 EVs in the next 18 months in the top ten cities of India. The core team of Zypp Electric has also grown three times in the last year, from 50 to 150 members. To scale up further EV adoption, the firm expects to grow 3x further as they expand to 100,000 EVs and hire 450-500 employees, largely in technology and operations.
The audited revenue of the company in FY21 was ₹5 crores and the company is looking to close FY22 at over ₹25 crores which are five times the revenues within a year. Zypp Electric converted more than 1.1 Million shipments from IC engine to Electric in FY21 and FY22, the company is looking plans to do 4 million pollution-free deliveries in FY22, which is 4x jump as compared to the previous year.
“Super proud to share that our revenue has jumped more than 5 times to ₹25 crores this fiscal year, from ₹5 crores the year ago. Going by the current monthly run rate, the company expects to end the year at $6mn ARR. We have created a smart platform that’s gaining popularity among B2B grocery and other hyperlocal delivery companies along with delivery executives who are wanting to go electric with our electric shared mobility platform,” said Akash Gupta, Co-Founder & CEO of Zypp Electric.
He added, “The best part is that business has a huge focus on driving the right unit economics and getting positive contribution margin even as the scale grows 10x. I am very confident that we are and we will remain the best and largest electric shared mobility option for the country as we scale to 100k EVs with our EV technology platform.”