The company emphasized its commitment to sustainable growth, stating that it is nearing breakeven within the next 12 to 18 months, laying a strong foundation for future success and expansion.
Zypp Electric, a prominent technology-enabled EV-as-a-service platform, has experienced a threefold increase in revenue in FY24, alongside a remarkable 396% compound annual growth rate (CAGR) from 2019 to 2022. The company is dedicated to sustainable growth and anticipates reaching breakeven within the next 12 to 18 months, establishing a robust foundation for ongoing success and expansion.
The company has broadened its operations across major cities such as Delhi NCR, Bengaluru, Mumbai, and Hyderabad and has expanded its fleet of electric scooters from 11,000 to over 20,000 vehicles. By partnering with various online businesses in sectors like quick-commerce, food delivery, bike taxis, and e-commerce, Zypp Electric is actively working towards achieving 100% electric last-mile deliveries in India. From January 2023 to February 2024, the company has successfully completed over 45 million shipment deliveries using electric vehicles, according to a media release.
Zypp Electric has formed a partnership with Porter Enterprises to provide reliable logistics solutions. With a strong foundation, strategic expansions, an exceptional EV Fleet Management technology platform, and a continuous pursuit of innovation, Zypp Electric is poised to transform the landscape of last-mile deliveries and accelerate the transition towards a sustainable future.
Zypp Electric has empowered over 53,000 delivery executives to switch to electric vehicles, providing them with an opportunity to earn more on the platform. There has been a significant increase in the monthly average earnings per rider, with riders earning more than INR 24,000 per month, which is 50% more than what petrol bike riders save.
The company’s E3W fleet has seen a sixfold increase from February 2023 to 750+ in February 2024, and deliveries have surged from 4,320 to over 92,000 in the same period, marking a 21-fold growth. With plans to expand its fleet to include 1,000 electric L5 loaders and offering branding options on the E3W for advertising, Zypp Electric is set to meet a broader range of business needs and maximize revenue streams.
Akash Gupta, co-founder and CEO of Zypp Electric, expressed that the last fiscal year has been a pivotal period for the company, witnessing nearly a threefold increase in revenue compared to the previous year. He praised the team’s accomplishments in the dynamic electric vehicle (EV) landscape. The company has expanded its operations in the National Capital Region (NCR) and Bengaluru and commenced services in Mumbai this year. Gupta expressed enthusiasm about initiating services in Hyderabad and the company’s aim to launch in a new city every quarter. Regarding the fleet, the company plans to boost its current strength of 20,000 vehicles to approximately 100,000 in the next 12 to 18 months and further to 500,000 over the subsequent 36 to 48 months. Gupta highlighted that profitability, along with growth, is the next major milestone the company is focusing on.
