Zypp Electric, an EV Shared Mobility platform has announced that it is expecting its turnover to jump over five times to around Rs 25 crore during this fiscal year. In September this year, the Gurugram-based startup raised $7 million in a Series A round of funding. The company also plans to introduce 1,00,000 new EVs on Indian roads, with most focussing on last-mile delivery requirements.
Zypp Electric was launched in 2017 to provide EV-based technologies to facilitate last-mile deliveries. The last-mile delivery will be targeted at local businesses, e-commerce giants, and other delivery executives. The company currently works with grocery, medicines, food, and e-commerce players, including Bigbasket, Grofers, Amazon, Rapido, Flipkart, Spencers, Citymall, Dealshare, and 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 1,00,000 electric scooters in the next 18 months in ten cities. The company plans to hire 450-500 employees, largely in technology and operations.
The company’s audited revenue of the company in FY21 was Rs 5 crore and the company has announced that it is looking to close FY22 at over Rs 25 crore.
“Super proud to share that our revenue has jumped more than 5 times to Rs 25 crore this fiscal year, from Rs 5 crore 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. The best part is that business has huge focus on driving the right unit economics and get 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” said Akash Gupta, Co-Founder & CEO of Zypp Electric.
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