 "Zypp Electric raises $25 million in Series B funding round led by Gogoro")
Zypp Electric, a tech-enabled EV-as-a-service platform, has reported a threefold surge in revenue during the fiscal year 2023-24.
It claimed that it has posted a 396 percent CAGR from 2019 to 2022. The EV-led delivery service company also aims to break even in the next year. Zypp Electric recorded a revenue of Rs 325 crore in FY24.
Zypp Electric is now operationally profitable, the company claimed, and plans to expand to new cities and grow its fleet to 100,000 vehicles in the next 18 months. The company has also grown its fleet from 11,000 to over 20,000 electric vehicles. Zypp Electric has expanded its presence to six cities across India such as Delhi NCR, Bangalore, Mumbai, and now Hyderabad.
Akash Gupta, Co-Founder & CEO, Zypp Electric, said, "The last fiscal year we grew our revenues almost 3-times versus the last fiscal year. While ramping things up in NCR and Bengaluru by adding more hubs, we initiated our operations in Mumbai this year. Looking ahead, we're excited to commence our services in Hyderabad and targeting to launch in a new city every quarter. On the fleet front, we intend to grow our current strength of 20,000 to around 100,000 vehicles in the next 12 to 18 months and then grow that to 500,000 over the following 36 to 48 months. Profitability is the next major milestone which we’re eyeing closely at Zypp along with growth."
Collaborating with various sectors including quick-commerce, food delivery, and e-commerce, Zypp Electric has facilitated over 45 million shipments through electric vehicles from January 2023 to February 2024. It employs 53,000 delivery executives who have a monthly average earning of over Rs 24,000. Zypp also plans to deploy 2,000 women rider partners in a year, and at least 20,000 women delivery partners in 2 years.
