Zypp Electric, a well-known platform for EVs-as-a-service powered by technology, had a threefold rise in revenue in FY24 in addition to a noteworthy 396% compound annual growth rate (CAGR) from 2019 to 2022. With a focus on sustainable growth, the company hopes to break even in the next 12 to 18 months, providing a strong platform for future growth and success.
The company has increased the number of electric scooters in its fleet from 11,000 to over 20,000, and it has extended its operations to key cities including Hyderabad, Bengaluru, Mumbai, Delhi NCR, and Bangalore. Zypp Electric is aggressively striving to achieve 100% electric last-mile deliveries in India by collaborating with a range of online businesses in industries such as e-commerce, bike taxis, food delivery, and quick-commerce. According to a press release, the company successfully accomplished over 45 million shipment deliveries using electric cars between January 2023 and February 2024.
Zypp Electric and Porter Enterprises have partnered to offer dependable logistical solutions. Zypp Electric has a solid foundation, plans to grow strategically, an outstanding EV Fleet Management technology platform, and a relentless drive for innovation. These factors position Zypp Electric to revolutionize last-mile delivery and quicken the shift to a sustainable future.
More than 53,000 delivery executives now have the option to convert to electric cars and increase their income on Zypp Electric. The average monthly income per rider has increased significantly; riders are now earning over INR 24,000 per month, which is 50% more than what riders of petrol bikes save.
The company’s E3W fleet increased sixfold between February 2023 and February 2024, reaching 750+. In the same time frame, deliveries increased 21 times, from 4,320 to nearly 92,000. Zypp Electric is prepared to fulfill a wider range of company demands and optimize revenue streams with plans to grow its fleet to include 1,000 electric L5 loaders and provide branding choices on the E3W for advertising.
Zypp Electric’s co-founder and CEO, Akash Gupta, stated that the company has experienced a roughly threefold growth in revenue over the previous fiscal year, making it a critical era. He commended the group for their achievements in the ever-changing field of electric vehicles (EVs). This year, the company started offering services in Mumbai and extended its operations to the National Capital Region (NCR) and Bengaluru. Gupta conveyed excitement about the company’s plans to begin operations in Hyderabad and to introduce itself in a new city every three months. The firm intends to increase the number of vehicles in its fleet from the present 20,000 to roughly 100,000 within the next 12 to 18 months, and then to 500,000 within the next 36 to 48 months.
