Zypp Electric expects its turnover to grow more than five times to around Rs. 25 crore during the current financial year.
see photosZypp Electric expects business to grow five-fold in the current fiscal
India’s leading tech-enabled EV shared mobility platform Zypp Electric expects its turnover to grow more than five times to ₹25 crore during this financial year. The company currently has 5,000 EVs in the Delhi/NCR region and plans to expand to 100,000 EVs in the next 18 months across the top ten cities in India. Zypp Electric’s core team has also grown three-fold from 50 to 150 members in the past one year, the company said in a statement. To further drive EV adoption, the firm expects to grow 3x more as they expand to 100,000 EVs and employ 450-500 employees across large scale technology and operations.
Read also: Zypp Electric Partners with Flow Mobility to Expand Footprint in the Autonomous Space
Zypp Electric is expected to grow three-fold and hire 450-500 new employees, primarily in technology and operations.
The company’s audited revenue in FY21 was ₹5 crore and the company is looking to close FY22 at over ₹25 crore. Zypp Electric converted over 1.1 million (11 lakh) shipments from internal combustion engine two-wheelers to electric two-wheelers in FY 2011. In FY 2012, the company wants to make 4 million (40 lakh) pollution free deliveries in FY 2012, which is 4 times more than the previous year.
Read also: Zypp Electric Partners with Zero Pollution Distribution Campaign
Akash Gupta, co-founder and CEO of Zypp Electric, says that the company will scale up to 100,000 electric two-wheelers with the EV technology platform.
“It is with great pride to share that our revenue has grown by more than 5 times to Rs 25 crore in this financial year from Rs 5 crore a year ago. Looking at the current monthly run rate, the company is expected to see a profit of Rs. Expect $6mn ARR in the end.We have built a smart platform that is gaining popularity among B2B grocery and other hyperlocal delivery companies as well as delivery executives who want to go electric with our electric shared mobility platform. The best part is that there is a lot of focus on driving the right unit economics of the business and achieve positive contribution margin even when the scale grows 10x.I am confident that we will continue to be the best and largest Electric Shared Mobility option for the country As we scale to 100k EVs with our EV technology platform” said Akash Gupta, Co-Founder and CEO, Zip Electric.
Read also: Zypp Electric Building India’s First EV Direct-to-Consumer Business
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In September 2021, the Gurugram-based start-up raised $7 million in Series A round of funding, indicating that investors are betting big on the Indian EV industry. Zypp Electric, an IoT enabled technology-based EV shared mobility platform, was launched in 2017. Zypp Electric provides carbon-free last-mile delivery on an asset-light basis for local businesses, e-commerce giants and delivery executives, underpinning deliveries. cost and emissions. The company currently works with top grocery, medicine, food and e-commerce players in India and other instant commerce companies like BigBasket, Grofers, Amazon, Rapido, Flipkart, Spencer’s, Citymall, DealShare and many more. Delhi-NCR, Bengaluru, Hyderabad, Mumbai and Pune.
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